IDBI Bank posts 4-fold jump in profit to Rs 603 crore in Q1

IDBI Bank on Wednesday reported a more than four-fold jump in standalone net profit to Rs 603.30 crore for the first quarter of the current financial year. The private sector bank had posted a net profit of Rs 144.43 crore for April-June 2020-21.

Total income rose to Rs 6,554.95 crore during the period from Rs 5,901.02 crore in the same quarter of the last fiscal, IDBI Bank said in a regulatory filing.

The bank’s asset quality improved with gross non-performing assets (NPAs) falling to 22.71% of the gross advances as of June 30, 2021 from 26.81% by June 2020. Net NPAs or bad loans came down to 1.67% from 3.55%.

The bank’s provisions for bad loans and contingencies stood at Rs 1,751.80 crore in the June quarter, up substantially from Rs 888.05 crore in the year-ago period.

Net Interest Income (NII) improved by 41% to Rs 2,506 crore as against Rs 1,772 crore same period a year ago. At the same time, Net Interest Margin (NIM) rose by 125 basis points to 4.06% during the quarter as compared to 2.81% in the Q1 of the previous fiscal.