IDBI Bank's net profit soars 318% YoY to Rs 603 cr in June quarter

Net interest income of the lender jumped 41% YoY to Rs 2,506 crore but sequentially it was down 23%

IDBI Bank on Wednesday reported a net profit of Rs 603 crore in the June quarter of FY20, up 318 per cent year-0n-year (YoY) and 18 per cent sequentially, aided by higher other income. In the year-ago period, it had reported a net profit of Rs 144 crore.

Net interest income (NII) of the lender jumped 41 per cent YoY to Rs 2,506 crore but sequentially it was down 23 per cent. Its net interest margin (NIM) increased by 125 basis points (bps) to 4.06 per cent in Q1FY22 as against 2.81 per cent in the year-ago period.

Provisions and contingencies were