IDBI Bank on Friday reported a 39 per cent surge in net profit at Rs 1,836 crore for the quarter ended September 30, 2024 on the back of improvement in interest income.
The LIC-controlled bank had earned a net profit of Rs 1,323 crore in the year-ago period.
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 income of the bank improved to Rs 3,875 crore in the July-September quarter, from Rs 3,066 crore in the September quarter of 2023, registering a growth of 26 per cent.
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Net interest margin increased to 4.87 per cent, from 4.33 per cent at the end of September 2023.
Asset quality of the bank 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.
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