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IDBI Bank Q3FY24 Results: Net profit up 57.3% YoY to ₹1,458 crore; NII grows 17.4%
IDBI Bank released its Q3FY24 numbers today, reporting a 57.3% YoY improvement in its standalone net profit to ₹1,458 crore. The pre-provision operating profit (PPOP) of the bank reached ₹2,326 crore for the December 2023 quarter.
Shares of IDBI Bank jumped nearly 12% in today's afternoon trade, reaching ₹78 apiece following the release of the bank's Q3FY24 numbers.
The bank reported a robust performance in all key parameters. It reported a 57% YoY jump in its standalone net profit to ₹1,458 crore. In the same period last year, the bank reported a net profit of ₹927.27 crore. Seeing sequentially, the net profit improved by 10.91% as the bank in Q2FY24 recorded a net profit of ₹1,323.27 crore.
The bank's net interest income during the reporting quarter jumped to ₹3,434 crore, a 17.40% improvement compared to NII of ₹2,925 crore. In the preceding quarter, the bank reported an NII of ₹3,066 crore. The net interest margin of the bank came in at 4.72% in Q3, an improvement of 13 basis points YoY.
The bank saw a rise in its other income to ₹973.41 crore in Q3, a 13.60% surge compared to ₹856.87 crore. The rise in employee costs pushed the bank's operating expenses to ₹2,326.55 crore from ₹2,051 crore in Q3FY23.
The pre-provision operating profit (PPoP) of the bank reached ₹2,326 crore for the December 2023 quarter, showing a growth of 13.4% compared to the PPoP of ₹2,051 crore reported in the year-ago quarter. The bank's provisions came down to ₹320 crore from ₹784 crore in Q3 FY23. The provision coverage ratio (PCR) improved to 99.17% in Q3FY24 from 97.98% as on December 31, 2022
On the asset quality front, the bank's gross non-performing assets (GNPA) ratio stood at 4.69% in Q3 FY24 as against 13.82% in Q3 FY23. The net non-performing assets (NNPA) ratio improved to 0.34% in Q3 FY24 from 1.08% in Q3 FY23.
The bank's net advances grew by 18% YoY to ₹1,75,001 crore during the quarter as against ₹1,48,384 crore in Q3FY23. Its total deposits grew by 11% YoY to ₹2,58,525 crore in Q3FY24 as against ₹2,32,671 crore in Q3FY23.
At 02:45 pm, the bank shares were trading with a gain of 10.56% at ₹77 apiece.
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Business NewsCompaniesCompany ResultsIDBI Bank Q3FY24 Results: Net profit up 57.3% YoY to ₹1,458 crore; NII grows 17.4%
First Published:20 Jan 2024, 01:59 PM IST
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