IDBI financial institution’s asset high quality improved considerably with its gross NPAs declining to 4.90% of the gross advances as of September 30, 2023. (*60*)
| Photo Credit: Reuters
IDBI Bank on Saturday reported a 60% rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the again of a fall in unhealthy loans.
The non-public sector lender managed by India’s largest insurer LIC had posted a net profit of Rs 828 crore within the year-ago interval.
The whole revenue within the September quarter elevated to Rs 6,924 crore over Rs 6,066 crore a 12 months in the past, IDBI Bank stated in a regulatory submitting.
The curiosity revenue grew to Rs 6,035 crore in the course of the interval beneath overview from Rs 4,978 crore within the corresponding quarter a 12 months in the past.
The financial institution’s asset high quality improved considerably with its gross non-performing belongings (NPAs) declining to 4.90% of the gross advances as of September 30, 2023, towards 16.51% on the finish of September 2022.
Its net NPAs fell to 0.39% as in contrast to 1.15% in the identical quarter a 12 months in the past.
The financial institution’s Capital Adequacy Ratio elevated to 21.26% from 19.48% on the finish of the identical quarter of the final fiscal.
