IDBI Bank Q2 Results: Co reports 39% jump in net profit at Rs 1,836 crore
IDBI Bank reported a 39% jump in net profit for the second quarter of the fiscal at Rs 1836.5 crore against Rs 1323.3 crore in the year ago period, riding on steady business expansion and improvement in asset quality.
Its net interest margin for the quarter improved by 54 basis points to 4.87% as compared with 4.33% in the corresponding period last year.
Operating profit was 45% higher at Rs 3,006 crore as against Rs 2,072 crore, backed by 26% rise in total income at Rs 8754.5 crore. Net interest income also rose 26% at Rs 3,875 crore.
The lender's net advances grew by 19% year-on-year to Rs 2.01 lakh crore at the end of September, largely on account of higher retail credit growth. The composition of corporate v/s retail in gross advances portfolio was at 29:71 as on September 30, 2024 as against 30:70 a year back.
Its total deposit rose 11% to Rs 2.78 lakh crore with the current and savings accounts ratio being at 48.14%.
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