IDBI Bank on Friday reported a 46 per cent rise in its net profit to Rs 828 crore for the second quarter ended September 30. The bank had posted a net profit of Rs 567.12 crore in the year-ago period.
Also Read: World’s Top Banks Face Financial Difficulty, MCap Declines 6.7% in July-September 2022
The total income in the September 2022-23 quarter rose to Rs 6,065.51 crore from Rs 5,129.92 crore a year ago, IDBI Bank said in a regulatory filing. The private sector lender, controlled by India’s largest insurer LIC, improved its asset quality by bringing down its gross non-performing assets (NPAs) to 16.51 per cent of the gross advances as of September 30, 2022, against 21.85 per cent at the end of September 2021.
Its net NPAs too came down to 1.15 per cent from 1.71 per cent. However, the provisioning towards bad loans and contingencies for the September quarter of FY23 was raised to Rs 770.72 crore from Rs 571.43 crore in Q2 FY22. It was lower than Rs 959.23 crore for June 2022-23 quarter.
Shares of IDBI Bank closed 1.33 per cent lower at Rs 44.15 apiece on the BSE.
Read all the Latest Business News and Breaking News here