IDBI Bank Q3 profit surges 60% to all-time high of ₹927 crore, NII up 23%
Net interest income (NII) which is the difference between interest earned and interest expended, came in at ₹2,925 crore for the December quarter.
IDBI Bank on Monday reported a 60 per cent rise in standalone net profit to ₹927 crore for the December 2022 quarter as asset quality improved . This is against a net profit of ₹578 crore in the year-ago period, IDBI Bank said in a regulatory filing.
Net interest income (NII) which is the difference between interest earned and interest expended, came in at ₹2,925 crore for the December quarter. The latest quarter's NII climbed by 23 per cent from ₹2,383 crore in Q3FY22 and was up by 7 per cent from ₹2,738 crore in Q2FY23.
The net advances grew by 17 per cent year-on-year to ₹1,48,213 crore as against ₹1,26,372 as on December 31, 2021.
Net interest margin (NIM) improved to 4.59 per cent for December quarter as compared to 3.88% for corresponding quarter last fiscal. NIM stood at 4.37% (4.22% excluding interest on IT refund) for Q2FY2023.
Provisions and contingencies which came in at ₹ ₹784.28 crore in Q3FY23 down by 2.18 per cent as compared to ₹801.81 crore in the corresponding quarter last fiscal.
In Q3FY23, in percentage terms, IDBI Bank posted a gross NPA that stood at 13.82 per cent as on December 31, 2022 as against 21.68 per cent on a year-on-year basis. Gross NPA stood at 16.51 per cent as on September 30, 2022.
Also, net NPA improved to 1.07% as on December 31, 2022 as against 1.81% as on December 31, 2021. Net NPA ratio stood at 1.15% as on September 30, 2022.
IDBI Bank stock traded at ₹54.95 on the BSE, up by 0.64 per cent.
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