IDBI Bank Q3 profit surges 60% to all-time high of ₹927 crore, NII up 23% | Mint
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Business News/ Companies / Company Results/  IDBI Bank Q3 profit surges 60% to all-time high of 927 crore, NII up 23%
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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.

Recently, IDBI Bank has received government approval for an acquisition of 51% stake by Life Insurance Corp. of India. Photo: MintPremium
Recently, IDBI Bank has received government approval for an acquisition of 51% stake by Life Insurance Corp. of India. Photo: Mint

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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Published: 23 Jan 2023, 02:44 PM IST
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