IDBI Bank Q1 results: Net profit soars 62% to ₹1,224 crore; NII up 61% YoY; asset quality improves

livemint.com:

IDBI Bank on Monday reported a sharp growth of 61.9% in its net profit for the quarter ended June 2023 at ₹1,224.2 crore as compared to ₹756.4 crore in the same quarter last year. The lender’s net interest income (NII) during the first quarter of FY24 increased 60.7% to ₹3,997.6 crore from ₹2,487.5 crore, YoY. IDBI Bank’s net interest margin (NIM) for the quarter witnessed an on-year growth of 178 bps to 5.80% from 4.02% in Q1FY23.

Operating profit for the quarter jumped 47% to ₹3,018.72 crore from ₹2,051.81 crore reported in the same period last year. Provisions during the quarter rose 24% YoY to ₹1,190.43 crore. The provisions for non-performing assets were at ₹581.35 crore.

Also Read: Canara Bank Q1 results: Net profit jumps 75% YoY to ₹3,534.8 crore; asset quality improves Asset quality of the bank improved sequentially. Gross Non-Performing Assets (NPA) ratio in Q1FY24 was at 5.05%, down from 6.38% in the March quarter. Net NPA ratio also fell to 0.44% from 0.92%, QoQ.

On absolute basis, Gross NPA at the end of June 2023 quarter decreased to ₹8,762.51 crore from ₹10,969.29 crore in the previous quarter, while Net NPA declined to ₹730.60 crore from ₹1,494.74 crore, sequentially. Provision Coverage Ratio (including Technical Write-Offs) improved to 98.99% as on June 30, 2023, from 97.78% as on June 30, 2022. IDBI Bank Q1 CASA increased to ₹1,28,870 crore and CASA ratio stood at 52.61% as on June 30, 2023.