60% increase in Q2 net profit for IDBI Bank at Rs. 1,323 crore
On the strength of a decline in bad loans, IDBI Bank on Saturday recorded a 60% increase in net profit to Rs 1,323 crore for the second quarter that ended on September 30.
The private lender that is under the administration of LIC, India’s biggest insurer, reported a net profit of Rs 828 crore during the same time last year.
According to a regulatory statement by IDBI Bank, the overall revenue rose from Rs 6,066 crore in the same period last year to Rs 6,924 crore in the third quarter.
From Rs 4,978 crore in the same quarter a year before, interest income increased to Rs 6,035 crore in the reviewed period.
With its gross non-performing assets (NPAs) falling to 4.90 percent of gross loans as of September 30, 2023, from 16.51 percent at the end of September 2022, the bank’s asset quality dramatically improved.
In comparison to the same quarter a year before, its net NPAs decreased to 0.39 percent from 1.15 percent.
The capital adequacy ratio of the bank grew from 19.48 percent at the end of the same quarter of the previous fiscal to 21.26 percent.
