IDBI Bank Q2 Results, Net profit up by 38% to Rs 1,837 crore
Net interest income (NII), surged by 26%, standing at Rs 3,876 crore against Rs 3,067 crore in the corresponding quarter of FY24.
IDBI Bank Q2 Results, Net profit up by 38% to Rs 1,837 crore
IDBI Bank Ltd has reported a 38.3% year-on-year (YoY) jump in net profit at Rs 1,836.5 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, IDBI Bank posted a net profit of Rs 1,323 crore, the bank said in a regulatory filing.
Net interest income (NII), surged by 26%, standing at Rs 3,876 crore against Rs 3,067 crore in the corresponding quarter of FY24. The gross non-performing asset (GNPA) stood at 3.68% in the September quarter against 3.87% in the June quarter. Net NPA came at 0.20% against 0.23% quarter-on-quarter.
In terms of asset quality, gross NPA stood at Rs 7,653.1 crore against Rs 7,795.4 crore quarter-on-quarter, whereas net NPA came at Rs 401.6 crore against Rs 453.6 crore quarter-on-quarter.
IDBI Bank reported a 45% rise in operating profit for Q2 FY25, standing at Rs 3,006 crore compared to Rs 2,072 crore in Q2 FY2024. The Net Interest Margin (NIM) also saw a robust improvement, increasing by 54 basis points to 4.87% from 4.33% during the same period last year.
Read Also : NTPC Ltd inaugurates world’s first CO-to-Methanol PlantAdditionally, the bank’s Cost to Income ratio fell by 558 basis points to 42.05%, down from 47.63%, reflecting enhanced operational efficiency. The bank’s cost metrics have risen moderately, with the Cost of Deposit reaching 4.66% in Q2 FY2025 from 4.22% in Q2 FY2024.
The bank’s asset quality showed improvement, with the Gross NPA ratio declining to 3.68% as of September 30, 2024, from 4.90% a year prior. The Net NPA ratio also reduced to 0.20% from 0.39%. Provision Coverage Ratio (including Technical Write-Offs) rose to 99.42%, up from 99.10%, indicating strengthened risk mitigation.
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