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Business News/ Companies / Company Results/  IDBI Bank garners 46% rise in Q2 PAT at 828 cr, asset quality improves
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IDBI Bank garners 46% rise in Q2 PAT at ₹828 cr, asset quality improves

In terms of asset quality, the gross NPA of the bank stood at 16.51% as of September 30, 2022, as against 21.85% in Q2FY22 and 19.90% in Q1FY23. Net NPA was at 1.15% in Q2FY23 versus 1.71% in Q2FY22 and 1.25% in Q1FY23.

The bank's asset quality improved in the quarter under review, while net advances posted a double-digit growth however deposits witnessed a gradual rise.Premium
The bank's asset quality improved in the quarter under review, while net advances posted a double-digit growth however deposits witnessed a gradual rise.

IDBI Bank posted a 46.02% growth in net profit to 828.09 crore in the second quarter ending September 30, 2022 (Q2FY23) compared to 567.12 crore in the same period last year. The Q2 PAT jumped by at least 9.5% from 756.36 crore in Q1 of this fiscal. The bank's asset quality improved in the quarter under review, while net advances posted a double-digit growth however deposits witnessed a gradual rise.

Net interest income (NII) which is the difference between interest earned and interest expended, stood at 2,738 crore in Q2FY23 up by 48% from 1,854 crore in Q2FY22 and higher by 10% from 2,488 crore in Q1FY23. Net interest margin (NIM) expanded by 135 basis points yoy and 35 basis points qoq to 4.37%.

The bank's operating profit bettered by 64% to 2,208 crore in Q2FY23 against 1,346 crore for Q2FY22. Operating profit was at 2,052 crore for Q1FY23.

The bank's provisions were at 1,380 crore in Q2 of this fiscal increasing by 77% yoy and 7% qoq. The Provision Coverage Ratio (including Technical Write-Offs) improved to 97.86% as on September 30, 2022, from 97.27 % as on September 30, 2021. PCR stood at 97.79% in the preceding quarter.

In terms of asset quality, the gross NPA of the bank stood at 16.51% as of September 30, 2022, as against 21.85% in Q2FY22 and 19.90% in Q1FY23. Net NPA was at 1.15% in Q2FY23 versus 1.71% in Q2FY22 and 1.25% in Q1FY23.

Further, in Q1FY23, the bank's net advances jumped by 17% yoy to 1,46,752 crore from 1,25,011 crore in Q2FY22 and up by 6% compared to 1,38,046 crore in Q1FY22. The composition of corporate versus retail in the gross advances portfolio was at 35:65 as on September 30, 2022, as against 37:63 as on June 30, 2022.

However, deposits climbed by 3% to 2,30,310 crore in Q2FY23 against 2,23,305 crore in Q2FY22. Compared to Q1FY23 where deposits stood at 2,25,269 crore, the bank posted a 2% growth. Share of CASA in total deposits improved to 56.19% as on September 30, 2022, as against 54.63% as on September 30, 2021, and 55.65% as on June 30, 2022.

On BSE, IDBI Bank traded at 44.85 apiece on Friday broadly flat compared to the previous day's closing of 44.95 apiece.

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Published: 21 Oct 2022, 02:54 PM IST
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