First Bank Friday reported a loss of Rs 218.03 crore for the quarter ended March 2019 against a profit of Rs 41.93 crore in the corresponding period of the last fiscal on account of higher provisioning.
On an annual basis, it reported a loss of Rs 1,944.17 crore as against a profit of Rs 859.3 crore during 2017-18, the bank said in a stock exchange filing.
The bank made a provision of Rs 698.2 crore in the fourth quarter of 2018-19, up from Rs 242.45 crore in the corresponding year-ago period.
Its total income stood at Rs 3,944.99 in the quarter ended March 2019 as against Rs 2,374.34 crore earlier.
Also Read:IDFC Bank re-named IDFC First BankDuring the year ended March 31, 2019, the bank received income tax orders relating to a matter under appeal resulting in write-back of tax provision for earlier years of Rs 89.01 crore.
During the year ended March 31, 2018, it had received favourable income tax orders relating to a matter under scrutiny by tax department, which has resulted in write-back of tax provision for earlier years of Rs 62.57 crore and it has remeasured the deferred tax assets at applicable tax rates, which resulted in tax credit of Rs 77.43 crore, the bank said.
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