Latest News | IDBI Bank Says COVID-19 Pandemic to Not Have Any Material Impact on Future Results
Get latest articles and stories on Latest News at LatestLY. LIC-owned IDBI Bank on Wednesday said despite challenges arising out of the COVID-19 pandemic, it does not see any material impact on its financial results going ahead.
Mumbai, Jun 24 (PTI) LIC-owned IDBI Bank on Wednesday said despite challenges arising out of the COVID-19 pandemic, it does not see any material impact on its financial results going ahead.
The implementation of lockdown and extensions has resulted in disruptions of business and common life, the lender said in a filing to the exchanges.
The major identified challenges for bank borrowers across various industry sectors is expected to arise from eroding cash flows and elongated working capital cycles, it said.
"Despite these events and conditions, our results in future are not expected to be materially adverse nor would have any significant impact on the going concern assumption," the lender said.
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With the situation still unfolding, it is difficult to predict time horizons to gauge the impact, it said.
The bank said it is gearing itself on all fronts to meet these challenges.
This disclosure was also submitted by the bank in its financial results for the quarter and year ended March 31, 2020.
In the quarter ended March 31, 2020, the bank reported a profit after tax of Rs 135 crore as against a net loss of Rs 4,918 crore in the year-ago period.
For fiscal year 2019-20, the bank reported a net loss of Rs 12,887 crore as against Rs 15,116 crore of loss booked in 2018-19. PTI HV
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)