IDBI Bank Results

IDBI Bank Q3 FY25 results: Lender's Net Interest Income (NII) grew by 23.1% year-on-year to Rs 4,228.7 crore

NII down 19% year on year

Private sector lender IDBI Bank on Saturday reported a 44 per cent jump in net profit at Rs 1,628 crore in the March quarter of financial year 2023-24. In comparison, the bank had posted a net profit of Rs 1,133 crore in the year-ago period. Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23. For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23. Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23. Net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024, as against 0.92 per cent as on March 31, 2023. The board of IDBI Bank has proposed a dividend of 15 per cent subject to shareholders'

The lender's net interest margin (NIM) rose 178 basis points, to 5.8% for the first quarter, compared to 4.02% for the same period in the previous year

Its capital adequacy ratio stood at 20.44 per cent with Common Equity Tier of 18.08 per cent at the end of March 2023

Most Indian banks have managed to improve their asset quality helped by a clean-up of balance sheet, write-offs and recoveries, and by ensuring that new slippages remained in check

This comes ahead of the December 16 deadline for potential bidders to submit EoIs for picking up majority stake in the private sector lender

Profits would have been higher if not for aggressive provisioning: IDBI Bank CEO

For FY22, the net profit rose 79 per cent to Rs 2,439 crore from Rs 1,359 crore in the previous financial year

Net interest income up 30% YoY to Rs 2,2383 cr

The net NPAs improved to 1.97% as on March 2021 from 4.19% in March 2020. NNPA stood at 2.75% (on proforma basis) in Dec 2020.

The implementation of lockdown and extensions has resulted in disruptions of business and common life, the lender said in a filing to the exchanges

Tier 1 capital and CRAR stood at 9.52 percent and 11.98 percent, respectively

The bank had registered a loss of Rs 2,409.89 crore in the year-ago period.

Amid higher non-performing asset provisioning in Q1, the bank posted a loss of Rs 24.1 billion

Gross bad loans rose to 21.25% from 15.16% at year-ago period