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IFCI suffers 215% loss in Q4 over rising NPAs
Term lender IFCI suffered a loss of Rs 318 crore for the fourth quarter ended March 2017 owing to significant jump in non-performing assets (NPAs).
Hyderabad: Term lender IFCI suffered a loss of Rs 318 crore for the fourth quarter ended March 2017 owing to significant jump in non-performing assets (NPAs). The drop was steep 214.85 percent when compared with a loss of Rs 101 crore in the previous corresponding January-March quarter. Total income during the quarter declined to Rs 597 crore from Rs 1,024 crore a year ago, according to a release from IFCI.
“Most of the NPAs have emanated from the infrastructure and iron and steel sectors, while some large corporates in auto component, textile and construction sectors have also added to NPAs or stressed assets,” said the release. The term lender has increased the provisions against loan assets hugely, apart from reducing the operational income. With low credit off take and large amount of prepayments from standard assets, the impact on the income has been considerable.
