To revive growth; IDBI Bank seeks to sell its Non-Core Asset
DSIJ Intelligence / 03 Jun 2017
On Friday, IDBI Bank Ltd reported that in order to strengthen its capital they have planned to sell Rs 5,000 crore of non-core assets in this fiscal year.
On Friday, IDBI Bank Ltd reported that in order to strengthen its capital they have planned to sell Rs 5,000 crore of non-core assets in this fiscal year.
On May 9, 2017, RBI has imposed prompt corrective action (PCA) against the IDBI bank after seeing a negative return on assets and the rising bad loans.
In March, government infused Rs 1,900 crore in the bank. On May 30, 2017, the bank got the approval to raise about Rs 10,000 crore through the sale of equity and rupee bonds.
In the fourth quarter ended March 2017, the gross non-performing assets climbed by 80 per cent to Rs 44,752.59 crore (i.e. 21.25%) as compared to the same period previous year of Rs 24,875.07 crore (i.e. 10.98%)
In order to regain the growth, the bank wants to improve its loan recovery, capital adequacy ratio, increase its retail & priority sector and reduce its operational costs.
On June 2, 2017, IDBI Bank was trading at Rs 60.85, up by 0.20 points or 0.33 per cent in intraday on BSE. It opened at Rs 60.90 while on Friday it closed at Rs 60.65.
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