- IDBI Bank reported a significant 60% increase in net profit for the second quarter ending on September 30, with a net profit of Rs 1,323 crore. This marks a significant improvement compared to the net profit of Rs 828 crore in the same period the previous year.
- The total income for the September quarter increased to Rs 6,924 crore, up from Rs 6,066 crore in the corresponding quarter of the previous year, indicating growth in the bank’s income.
- Interest income also witnessed growth, reaching Rs 6,035 crore during the period under review, compared to Rs 4,978 crore in the same quarter a year ago.
- IDBI Bank’s asset quality improved significantly, with the gross non-performing assets (NPAs) declining to 4.90% of gross advances as of September 30, 2023. This is a substantial reduction from the 16.51% reported at the end of September 2022. Net NPAs fell to 0.39% from 1.15% in the same quarter the previous year.
- The bank’s Capital Adequacy Ratio increased to 21.26% from 19.48% at the end of the same quarter of the previous fiscal year. This indicates a strengthened capital position.