MUMBAI, 23 JANUARY, 2023 (GPN): Private sector lender IDBI Bank on Monday reported a 60.4% year-on-year (YoY) rise in standalone net profit to Rs 927 crore for the quarter ended December 31, 2022. The bank had reported a net profit of Rs 578 crore in the same quarter of the previous financial year.

The bank’s net interest income (NII) for the quarter under review grew 22.8% to Rs 2,925 crore from Rs 2,382 crore in the same quarter of previous year. The net NPAs as on December 31, 2022, reduced to 1.07% against 1.15% as on September 30, 2022. Meanwhile, gross NPA stood at 13.82% in Q3FY23, against 16.51% in Q2FY23.

Net advances of IDBI Bank grew 17% YoY to Rs 1,48,213 crore in the quarter as against Rs 1,26,372 crore in the third quarter of 2021.

The provision coverage ratio (including technical write-offs) improved to 98% as on December 31, 2022, from 97.10% as on December 31, 2021. Whereas, the capital adequacy ratio rose to 20.14% in the third quarter as against 16.75% in the same year-ago quarter. The EPS stood at Rs 0.86 in Q3FY23 against Rs 0.54 in Q3FY22.

The CASA deposits increased 4% YoY to Rs 1,26,663 crore. While the net advances grew 17% YoY to Rs 1,48,213 crore in Q3FY23 against 1,26,372 crore in Q3FY22.

The composition of corporate v/s retail in the gross advances portfolio was at 33:67 in the quarter under review as against 37:63 in the same quarter last year.

Following the December quarter results, shares of IDBI Bank rose up to 2% to Rs 55.65 in Monday’s trade. It has also risen about 56% in the last six months. In the last one year, it has also risen nearly 20%.

About IDBI Bank:

IDBI Bank Ltd., today, is operating as a full service universal bank that serves customers from all segments. As a bank, IDBI Bank Ltd. touches the lives of millions of Indians through a wide array of banking products and services riding on a cutting edge core banking information technology platform through its wide network of 1880+ Branches and 3300+ ATMs