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IDBI Bank net profit up 57% to Rs 1,458 crore

The LIC-controlled bank’s interest income improved during the third quarter of the current fiscal to Rs 6,541 crore compared to Rs 5,231 crore in the same period last financial year.

Screenshot 2024 01 21 111106NEW DELHI: IDBI Bank on Saturday reported a 57% jump in net profit to Rs 1,458 crore in the third quarter ending December 31, on lower provisioning and better interest income.

The bank had registered a net profit of Rs 927 crore in the same quarter of 2022. The LIC-controlled bank’s interest income improved during the third quarter of the current fiscal to Rs 6,541 crore compared to Rs 5,231 crore in the same period last financial year.

The gross non-performing asset (NPA) ratio improved to 4.69% as of December 31, 2023, compared to 13.82% as of December 31, 2022. Similarly, the net NPA fell to 0.34% compared to 1.08% at the end of December 2022. As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last financial year. Provision coverage ratio (including technical write-offs) stood at 99.17% as of December 31, 2023. During the quarter capital adequacy ratio of the bank improved to 20.32%, as compared to 20.14% at the end of December 2022. It has not raised capital during the December quarter and the earlier funds have been fully utilised, it said.

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