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Thursday, July 18, 2024

Profit at IDBI Bank increased by 57% to Rs 1,458 crore

<p>Due to lesser provisioning and higher interest revenue, IDBI Bank reported a 57% increase in net profit to Rs 1,458 crore for the third quarter that ended on December 31.</p>
<p><img decoding=”async” class=”alignnone wp-image-361409″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-profit-at-idbi-bank-increased-by-57-to-rs-1458-crore-tnie-import-2022-5-27-origina.jpg” alt=”theindiaprint.com profit at idbi bank increased by 57 to rs 1458 crore tnie import 2022 5 27 origina” width=”1074″ height=”604″ title=”Profit at IDBI Bank increased by 57% to Rs 1,458 crore 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-profit-at-idbi-bank-increased-by-57-to-rs-1458-crore-tnie-import-2022-5-27-origina.jpg 576w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-profit-at-idbi-bank-increased-by-57-to-rs-1458-crore-tnie-import-2022-5-27-origina-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-profit-at-idbi-bank-increased-by-57-to-rs-1458-crore-tnie-import-2022-5-27-origina-150×84.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>In the same 2022 quarter, the bank reported a net profit of Rs 927 crore. The interest income of the bank under LIC management increased to Rs 6,541 crore in the third quarter of the current fiscal year from Rs 5,231 crore during the same time in the previous financial year.</p>
<p>As of December 31, 2023, the gross non-performing asset (NPA) ratio was 4.69%, up from 13.82% on the same day in 2022. Similarly, by the end of December 2022, the net NPA decreased from 1.08% to 0.34%. Provisioning and contingencies decreased as a consequence, from Rs 784 crore in the same quarter of the previous financial year to Rs 320 crore in the December quarter. As of December 31, 2023, the provision coverage ratio (including technical write-offs) was 99.17%. The bank’s capital adequacy ratio increased throughout the quarter to 20.32% from 20.14% at the end of December 2022. It said that it has used all of the prior funding and has not obtained any further money during the December quarter.</p>

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