IDBI Bank profit up 35% to ₹691 cr in March quarter

NEW DELHI: IDBI Bank on Monday posted a 35% rise in net profit at ₹691 crore for the quarter ended March 2022 because of a fall in bad loan provisions as non-performing assets (NPAs) came down.

The bank had posted a net profit of ₹512 crore for the same quarter of 2020-21.

Total income in JanuaryMarch period of 2021-22, however, was lower at ₹5,444.08 crore than the ₹6,894.86 crore in the year-ago period, IDBI Bank said in a regulatory filing on Monday. The bank’s core interest income during the period was down at ₹4,599.67 crore against ₹5,781.48 crore in the previous year.

Income from other sources was also lower at ₹844 crore from ₹1,113 crore.

The proportion of gross bad loans or non-performing assets (NPAs) of the bank fell to 19.14% of gross loans at March-end 2022 as against 22.37 per cent by March 2021.

In value terms, gross NPAs were ₹ 34,115 crore against ₹36,212 crore.

Likewise, net NPAs came down to 1.27% or ₹1,856 crore from 1.97% (₹2,519 crore).

Thus, provisions for bad loans and contingencies for the quarter were trimmed to ₹669.23 crore against ₹2,393.36 crore parked aside by the bank for March quarter of 2020-21.

Of this, provisions for bad loans were ₹ 300.61 crore, against ₹1,119.65 crore.

For the full year, the bank’s net profit grew 79% to ₹2,439 crore from ₹ 1,359 crore in 2020-21.

Total income during the year was down at ₹22,985 crore from ₹24,497 crore mainly on account of fall in interest income as well as those from other sources.

The bank said its gross advances stood at ₹1,78,207 crore by March 31, 2022, registering a yearly growth of as much as 10.07%.