IDBI Bank reported a notable 39% increase in net profit, reaching ₹1,836 crore for the quarter ending September 30, 2024, driven by improved interest income. In the same quarter last year, the bank had a net profit of ₹1,323 crore.
Total income for the bank rose to ₹8,754 crore, up from ₹6,924 crore during the corresponding period a year earlier, as indicated in a regulatory filing.
Net interest income saw significant growth, climbing to ₹3,875 crore in the July-September quarter from ₹3,066 crore in the same quarter of 2023, reflecting a 26% increase. The net interest margin also improved, increasing to 4.87% from 4.33% a year ago.
The bank’s asset quality showed improvement, with gross non-performing assets (NPAs) decreasing to 3.68% of gross advances by the end of September 2024, compared to 4.90% a year earlier. Additionally, net NPAs fell to 0.20%, down from 0.39% in the same period last year.
The Capital Adequacy Ratio rose to 21.98%, compared to 21.26% at the end of September 2023. Furthermore, the Provision Coverage Ratio, including Technical Write-Offs, improved to 99.42% as of September 30, 2024, up from 99.10% a year prior.
