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IDBI Bank's Q1 net profit soars 318% to Rs 603 cr; asset quality improves

12:00 AM Jul 29, 2021 | IANS

IDBI Bank on Tuesday reported an exponential rise of 318 per cent in its net profit for Q1FY22 on a year-on-year basis.

The bank's net profit rose to Rs 603 crore as against Rs 144 crore for Q1FY21.

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"Net Profit for Q1-2022 has improved by 18 per cent against Rs 512 crore reported for Q4-2021," the bank said in a statement.

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Besides, net interest income (Net Interest Income) improved by 41 per cent for Q1FY22 to Rs 2,506 crore as against Rs 1,772 crore for Q1FY21.

"NII stood at Rs 3,240 crore for Q4-2021."

"Net Interest Margin (NIM) improved by 125 bps to 4.06 per cent for Q1-2022 as compared to 2.81 per cent for Q1-2021. NIM stood at 5.14 per cent for Q4-2021."

According to the lender, the gross NPA ratio improved to 22.71 per cent as on June 30, 2021 as against 26.81 per cent as on June 30, 2020.

"Gross NPA stood at 22.37 per cent as on March 31, 2021."

"Net NPA ratio improved to 1.67 per cent as on June 30, 2021 as against 3.55 per cent as on June 30, 2020 and 1.97 per cent as on March 31, 2021."

In addition, the bank pointed out that as on June 30, 2021, it had Covid-19 related provisions of Rs 863 crore (other than provisions held for restructuring under COVID-19 norms).

"The provision made by the Bank is more than minimum required as per the RBI guidelines."

Also Read: Results: LIC-owned IDBI Bank posts profit of Rs 1,359 crore after 5 years

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