IDBI Bank Q2FY23 PAT up 31.82% at Rs775.82 crore as interest spreads sharply improved in the quarter

26 Oct 2022 , 12:49 AM

IDBI Bank reported 16.65% growth in total revenues for the September 2022 quarter on consolidated basis at Rs6,052cr.

Revenue growth was 3.83% in sequential terms. The company saw flat revenues from corporate / wholesale banking for the quarter.

However, revenues from retail banking were sharply higher while the revenues from treasury fell sharply on account of rising interest rate scenarios.

However, the higher rates also boosted realizations on loans without impacting the cost of funds, improving spreads in the process.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 31.8% at Rs775.82cr and it was 0.94% higher on sequential basis.

The improved interest spread made the difference in the quarter. In addition, NIMs were robust at 4.37%, up from 3.02% last year.

Gross NPAs fell more than 500 bps at 16.51%, but still high in absolute terms. However, net NPAs of 1.15% indicate that loan losses are substantially provided for.

Net profit margins at 12.82% in Q2FY23 higher lower compared to 11.34% in Q2FY22 but the net margins were lower compared to 13.19% in Q1FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	IDBI Bank
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 6,052.23	₹ 5,188.48	16.65%	₹ 5,828.81	3.83%
Net Profit (Rs cr)	₹ 775.82	₹ 588.54	31.82%	₹ 768.59	0.94%
Diluted EPS (Rs)	₹ 0.72	₹ 0.55		₹ 0.71
Net Margins	12.82%	11.34%		13.19%