IDBI bank’s asset quality improved significantly with its gross NPAs declining to 4.90% of the gross advances as of September 30, 2023. File
| Photo Credit: Reuters
IDBI Bank on Saturday reported a 60% rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the back of a fall in bad loans.
The private sector lender controlled by India’s largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period.
The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing.
The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago.
The bank’s asset quality improved significantly with its gross non-performing assets (NPAs) declining to 4.90% of the gross advances as of September 30, 2023, against 16.51% at the end of September 2022.
Its net NPAs fell to 0.39% as compared to 1.15% in the same quarter a year ago.
The bank’s Capital Adequacy Ratio increased to 21.26% from 19.48% at the end of the same quarter of the last fiscal.
