On July 24, IDBI Bank announced a 62 percent increase in net profit for the April-June FY24 quarter, coming in at Rs 1,224 crore. In the same quarter last year, the private-sector lender earned a net profit of Rs. 756 crore.
The bank’s Net Interest Income (NII) increased by 61 percent year over year (YoY) to reach Rs 3998 crore from Rs 2448 crore.
In comparison to Q1-2023, the lender’s net interest margin (NIM) increased by 178 basis points to 5.8 percent.
From 20% the previous year, the bank’s gross non-performing asset (GNPA) decreased to 5%. Additionally, the bank’s net non-performing assets (NNPA) decreased from 1.26 percent to 0.44 percent.
As of June 30, 2023, the current account and savings account (CASA) climbed to Rs 1.28 lakh crore, and the CASA ratio was 52.61 percent.
As of June 30, 2023, the lender’s net advances totaled Rs 1.65 lakh crore, up from Rs 1.38 lakh cr as of June 30, 2022, a 20 percent YoY increase.
Revenue for the lender’s corporate and wholesale division increased to Rs 2696 crore from Rs 1264 crore in the same period last year.
The bank’s primary source of income, retail banking, increased to Rs 7106 crore from Rs 5656 crore the previous year.
The bank’s Treasury division reported revenue of Rs 3280 crore, up from Rs 2428 crore the previous year.
The bank’s shares was up 2.19 percent from the previous closing at Rs 58.70 as of 2:47 p.m. on the NSE.
