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
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.
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First Published:23 Oct 2020, 03:32 PM IST
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