IDBI Bank Q2 PAT jumps 46% YoY to Rs 828 cr

22 Oct 2022 , 02:37 PM

Net Interest Income soared 48% to Rs 2,738 crore in Q2 FY23 from Rs 1,854 crore in Q2 FY22. Net Interest Margin (NIM) stood at 4.37% in Q2 FY23 as compared to 3.02% for Q2 FY22. Cost of Funds reduced by 16 bps to 3.72% for Q2 FY23 as compared to 3.88% for Q2 FY22. Operating profit grew 64% to Rs 2,208 crore in Q2 FY23 from Rs 1,346 crore in Q2 FY22. Provisions & Contingencies increased by 34.9% YoY to Rs 770.72 crore in the second quarter. Profit before tax in Q2 FY23 stood at Rs 1,436.96 crore, rising 85.53% from Rs 774.53 crore recorded in Q2 FY22. CASA deposits increased to Rs 1,29,407 crore as on 30 September 2022 as against Rs 1,21,995 as on 30 September 2021. CASA ratio improved to 56.19% as on 30 September 2022 as against 54.63% as on 30 September 2021. Gross NPAs aggregated to Rs 28,722.24 crore as on 30 September 2022 as against Rs 34,407.79 crore as on 30 September 2021 and Rs 33,908.32 crore as on 30 June 2022. Gross NPA ratio improved to 16.51% as on 30 Septmeber 2022 as against 21.85% as on 30 September 2021 and 19.90% as on 30 June 2022. Net NPA ratio improved to 1.15% as on 30 September 2022 as against 1.71% as on 30 September 2021 and 1.25% as on 30 June 2022. Provision Coverage Ratio (including technical write-offs) improved to 97.86% as on 30 September 2022 from 97.27% as on 30 September 2021. Deposits increased by 3% YoY to Rs 2,30,310 crore while gross advances rose by 10.44% YoY to Rs 1,73,948 crore as on 30 September 2022. Tier-1 improved to 17.05% as on 30 September 2022 as against 14% as on 30 September 2021. CRAR improved to 19.48% as on 30 September 2022 as against 16.59% as on 30 September 2021. IDBI Bank is one of Indias one of the state own largest bank having more than 1,890 branches with 3,300 ATMS across the globe. The Government of India held 45.48% stake while the Life Insurance Corporation of India held 49.24% stake in the bank as on 30 September 2022. The scrip shed 1.45% to end at Rs 44.30 on the BSE on Friday. Powered by Capital Market – Live News