IDBI Bank Q2 results: Net profit up 60% YoY at ₹1,323 crore, NII jumps 12% | Mint
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Business News/ Companies / IDBI Bank Q2 results: Net profit up 60% YoY at 1,323 crore, NII jumps 12%
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IDBI Bank Q2 results: Net profit up 60% YoY at ₹1,323 crore, NII jumps 12%

IDBI Bank Q2 results: Total income during the second quarter came in at ₹6,924.2 crore, which is 14 percent higher than ₹6,065.5 crore reported in the year-ago period.

IDBI Bank's gross NPA ratio improved sequentially to 4.90% in Q2FY24. Photo: Amoln Kamble/Mint/FilePremium
IDBI Bank's gross NPA ratio improved sequentially to 4.90% in Q2FY24. Photo: Amoln Kamble/Mint/File

IDBI Bank has recorded a net profit of 1,323.3 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 59.8 percent higher as compared to a profit of 828.1 crore reported in the year-ago period, as per the unaudited standalone financial results declared by the public sector lender on October 21.

Quarter-on-quarter basis, the net profit was up 8 percent, as it stood at 1,224.2 crore in Q1FY24.

The bank's net interest income (NII) soared by 12 percent to 3,066.5 crore from 2,738.1 crore in the corresponding period of the previous financial year.

The gross non-performing assets (NPA) ratio improved sequentially to 4.9 percent, as against 5.05 percent reported in the June 2023 quarter. The lender also marked an improvement in the net NPA, which came down 0.39 percent in Q2FY24 from 0.44 percent in the preceding quarter.

Also Read | RBL Bank Q2 results: Net profit rises 46% YoY to 294 crore, net interest income up by 26%

Total income during the second quarter came in at 6,924.2 crore, which is 14 percent higher than 6,065.5 crore reported in the year-ago period. However, the total income is 10 percent lower as compared to 7,712 crore reported in the first quarter of the current fiscal.

The bank's operating expenses for the quarter came in at 1,884.2 crore, 16 percent higher than 1,617.70 crore reported in Q2FY23. The expenses were also 3 percent higher as against 1,830.83 crore recorded in the June 2023 quarter.

The results further showed that the lender's annualised net interest margin was 4.33 percent in the September 2023 quarter, as compared to 5.80 percent in Q1FY24 and 4.37 percent in Q2FY23.

In the last market session on October 20, IDBI Bank's shares closed at 67 apiece on the BSE, down 2.33 percent as against the previous day's close.

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Published: 21 Oct 2023, 02:46 PM IST
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