IDBI Bank Q2 Profit Surges 39% to Rs 1,836 cr - Business News

New Delhi, Oct 25 (PTI) 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.

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.