Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Company Results/  IDBI Bank back in black in Q2 with net profit of 324 cr
BackBack

IDBI Bank back in black in Q2 with net profit of ₹324 cr

Net interest income in the quarter rose 4% to ₹1,695 crore as compared to ₹1,631.5 crore a year ago
  • The bank's asset quality improved during the quater but remained elevated
  • (Photo: Mint)Premium
    (Photo: Mint)

    New Delhi: IDBI Bank on Friday reported net profit of 324 crore in the September quarter as against net loss of 3,459 crore a year ago. The lender reported 125% sequential jump in net profit when compared to 144 crore reported in the June quarter.

    Net interest income in the quarter rose 4% to 1,695 crore as compared to 1,631.5 crore a year ago.

    Amid coronavirus pandemic, the bank's asset quality improved during the quater but remained elevated.

    Gross NPA ratio improved to 25.08% as on September 30, 2020 as against 29.43% as on September 30, 2019 and 26.81% as on June 30, 2020.

    Net NPA ratio improved to 2.67% as on September 30, 2020 as against 5.97% as on September 30, 2019 and 3.55% as on June 30, 2020.

    Provision Coverage Ratio improved to 95.96% as on September 30, 2020 from 91.25% as on September 30, 2019 and 94.71% as on June 30, 2020.

    Bank has made Covi-19 related provision of 247 crore in March 2020 quarter and 189 crore in June 2020 quarter. Cumulative COVID-19 related provision was 436 crore as at September 30, 2020. The provision made by the Bank is more than minimum required as per the RBI guidelines.

    On Friday, the bank's scrip on BSE closed 1% higher at 39.60.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 23 Oct 2020, 03:30 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie