IDBI Bank Q2 Results: Net Profit Rises 39%

IDBI Bank Ltd.'s net profit for the three months ended September rose 39% on a yearly basis.

The lender's bottom line stood at Rs 1,836 crore on a standalone basis during the July-September period, as compared to Rs 1,323 crore in the year-ago quarter, according to its stock exchange notification on Friday.

• The net interest income increased by 26% to Rs 3,067 crore.

• Net profit up 39% to Rs 1,836 crore.

• Gross NPA at 3.68% versus 3.87% (QoQ).

• Net NPA at 0.2% versus 0.23% (QoQ).

The bank's net advances rose 19% year-on-year to Rs 2.01 lakh crore as against Rs 1.68 lakh crore reported in the same quarter last year.

The banks provision coverage ratio was at 99.42% with a 32-basis points year-on-year growth.

Deposits as of Sept. 30, 2024, were Rs 2.77 lakh crore, an increase of 11% over last year.

NIM for the quarter grew 54 bps quarter-on-quarter to 4.87%.

(This is a developing story)