IDBI Bank Q2 Results: Net Profit Jumps 39% to Rs 1,836 Crore; Shares Up 1,78% – News18

Last Updated:October 25, 2024, 15:34 IST

IDBI Bank’s total income rose to Rs 8,754 crore in the quarter under review, from Rs 6,924 crore in the same period a year ago.

IDBI Bank on Friday reported a 39 per cent jump in its net profit to Rs 1,836 crore for the second quarter ended September 30, on the back of improvement in interest income. Its net interest income during July-September 2024 surged 26 per cent to Rs 3,875 crore, compared with Rs 3,066 crore in the year-ago period.

Following the results, IDBI Bank’s shares jumped 1.78 per cent to Rs 82.8 apiece on the BSE.

The LIC-controlled bank had earned a net profit of Rs 1,323 crore in the year-ago period.

The lender’s total income rose to Rs 8,754 crore in the quarter under review, from Rs 6,924 crore in the same period a year ago, IDBI Bank said in a regulatory filing.

Net interest margin increased to 4.87 per cent, from 4.33 per cent at the end of September 2023.

IDBI Bank’s asset quality witnessed an improvement with gross non-performing assets (NPAs) rising to 3.68 per cent of gross advances at the end of the September quarter of 2024, as against 4.90 per cent a year ago.

Net NPAs or bad loans also declined to 0.20 per cent, as against 0.39 per cent in the year-ago period. Capital Adequacy Ratio of the bank increased to 21.98 per cent, from 21.26 per cent at the end of September 2023.

Provision Coverage Ratio (including Technical Write-Offs) improved to 99.42 per cent as on September 30, 2024 from 99.10 per cent as on September 30, 2023.