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Business News/ Companies / Company-results/  IDBI Bank’s Q2 profit falls 38% to Rs118 cr as provisions rise
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IDBI Bank’s Q2 profit falls 38% to Rs118 cr as provisions rise

Provisions for bad loans increased 13% to `990 crore from `878 crore a year ago mainly because the bank reported an increase in gross non performing assets

Gross NPAs increased to 5.72% in September 2014 from 4.98% in September 2013, while net NPAs were stable at 2.79% compared with 2.82% a year ago. Photo: Pradeep Gaur/MintPremium
Gross NPAs increased to 5.72% in September 2014 from 4.98% in September 2013, while net NPAs were stable at 2.79% compared with 2.82% a year ago. Photo: Pradeep Gaur/Mint

Mumbai: IDBI Bank Ltd’s profit dropped 38% to 118 crore in the July-September quarter, from 192 crore a year ago as the bank increased provisions for bad loans and made less money from its core lending business.

Provisions for bad loans increased 13% to 990 crore from 878 crore a year ago mainly because the bank reported an increase in gross non performing assets (NPAs).

Gross NPAs increased to 5.72% in September 2014 from 4.98% in September 2013, while net NPAs were stable at 2.79% compared with 2.82% a year ago.

Net interest income, or the difference between interest earned on loans and that paid on deposits, dropped 5% to 1,406 crore during the quarter from 1,483 crore last year.

Other income rose 31% to 760 crore from 579 crore a year ago.

Shares of IDBI Bank rose 3.37% to 70.55 apiece, while India’s benchmark Sensex index advanced 1.90% to 27,865.83 points.

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Published: 31 Oct 2014, 04:46 PM IST
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