IDBI Bank reported a 62 per cent YoY growth to Rs 1,224.18cr in its net profit for the first quarter of the current financial year (Q1FY24), the company stated in a BSE filing.
The gross non-performing asset (NPA) of the bank declined to 5.05 per cent, as compared to 20 per cent over the corresponding period of the previous year. The net non-performing assets (NNPA) of the bank fell to 0.44 per cent, as compared to 1.26 per cent over the corresponding period of the previous year.
The lender’s net interest income (NII) for Q1FY24 increased by 61 per cent to Rs 3,998 crore, up from Rs 2,488 crore in the same period last year. The operating profit for Q1FY24 increased by 47 per cent to Rs 3,019 crore, up from Rs 2,051 crore in the same time last year.
Provisions for Q1FY24 increased by 24 per cent to Rs 1,190 crore, up from Rs 959.23 crore YoY. The net interest margin (NIM) increased by 178 basis points (bps) to 5.80 per cent in Q1FY24, up from 4.02 percent the previous year.