IDBI Bank Q2 results: PAT soars 60% YoY to Rs 1,323.3 crore, NII up 12%

IDBI Bank Q2 results: PAT soars 60% YoY to Rs 1,323.3 crore, NII up 12%

MUMBAI – IDBI Bank Ltd on Saturday reported a 60% year-on-year (YoY) rise in net profit for the quarter ended September to Rs 1,323.27 crore. Total income from operations increased by over 14% on year to Rs 6,924.18 crore.

Net interest income, the difference between interest earned and interest expended, rose 12% on year to Rs 3,066.49 crore.

The state-owned lender had a provision write-back of Rs 227.5 crore in the quarter. In the same period last year its provisions was Rs 771 crore.

Gross non-performing assets ratio of the lender as of September 30 was 4.90%, sharply down from 16.51% a year ago, and 5.05% a quarter ago.

Net non-performing assets ratio as of September 30 was 0.39%, down from 1.16% a year ago, and 0.44% a quarter ago.

The capital adequacy ratio under Basel-III norms stood at 21.26% as of September end, compared to 20.33% a quarter ago. The CET-I ratio was 18.86% as of September end, compared to 17.93% a quarter ago.

The provision coverage ratio (including technical write-offs) was 99.10% as of September 30, compared to 98.99% a quarter ago.Operating expenses for the quarter was Rs 1,884.2 crore, compared to Rs 1,618 crore a year ago. Operating profit for the quarter fell to Rs 2,072 crore, from Rs 2,208 crore a year ago. Net interest margin for the quarter at 4.33%, was down 4 basis points on year and 147 bps sequentially.

On Friday, shares of IDBI Bank ended 2.3% down on the National Stock Exchange at Rs 66.95.

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