IDBI Bank Q2 net profit up 60%

IDBI Bank today reported a 60 percent rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the back of a fall in bad loans. The private sector lender controlled by India’s largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period.

The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing. The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago.

The bank’s asset quality improved significantly with its gross NPAs declining to 4.90 percent of the gross advances as of September 30, 2023, against 16.51 percent at the end of September 2022. Its net NPAs fell to 0.39 percent as compared to 1.15 percent in the same quarter a year ago.

The bank’s Capital Adequacy Ratio increased to 21.26 percent from 19.48 percent at the end of the same quarter of the last fiscal.

Editorial Comment: The scrip in major uptrend is expected to show weakness in the near future.

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IDBI Bank Q2 net profit up 60%