IDBI Bank Q2 profit jumps 39% to Rs 1,836 crore on robust interest income

IDBI Bank reported a robust 39 per cent leap successful nett net to Rs 1,836 crore for the 4th ending September 30, 2024, compared to Rs 1,323 crore successful the aforesaid play past year. This awesome maturation was chiefly driven by improved involvement income, according to the bank’s regulatory filing.

The bank’s full income surged to Rs 8,754 crore from Rs 6,924 crore a twelvemonth earlier, reflecting its strengthened performance. Net involvement income besides showed a coagulated 26 per cent summation to Rs 3,875 crore for the quarter, up from Rs 3,066 crore successful Q2 2023. IDBI Bank's nett involvement borderline (NIM) roseate to 4.87 per cent from 4.33 per cent successful the erstwhile year’s quarter, demonstrating enhanced profitability.

Asset prime metrics saw improvement, with gross non-performing assets (NPAs) dropping to 3.68 per cent of full advances compared to 4.90 per cent a twelvemonth ago. Similarly, nett NPAs declined to 0.20 per cent from 0.39 per cent, marking healthier plus quality.

In presumption of superior health, the bank’s Capital Adequacy Ratio accrued to 21.98 per cent, up from 21.26 per cent successful September 2023, indicating beardown superior reserves. The Provision Coverage Ratio (PCR), including method write-offs, roseate marginally to 99.42 per cent from 99.10 per cent.

With LIC arsenic its controlling shareholder, IDBI Bank continues to leverage improved involvement income and robust plus management, posting beardown quarterly results and a affirmative outlook for plus prime and superior adequacy.