IDBI Bank's Q2FY24 net profit surges by 59.8% to reach Rs 1,323.3 crore
IDBI Bank reported a net profit of Rs 1,323.3 crore, marking a significant increase of 59.8 percent compared to the year-ago period's profit of Rs 828.1 crore.
- Oct 21, 2023,
- Updated Oct 21, 2023 3:36 PM IST
In the second quarter of fiscal year 2023-24 (Q2FY24), IDBI Bank reported a net profit of Rs 1,323.3 crore, marking a significant increase of 59.8 percent compared to the year-ago period's profit of Rs 828.1 crore. These unaudited standalone financial results were disclosed by the public sector lender on Saturday.
Compared to the previous quarter (Q1FY24), the net profit increased by 8 percent, reaching Rs 1,224.2 crore.
IDBI Bank also saw a 12 percent rise in its net interest income (NII), which amounted to Rs 3,066.5 crore in the same period, up from Rs 2,738.1 crore in the corresponding period of the previous financial year.
The gross non-performing assets (NPA) ratio showed sequential improvement, decreasing to 4.9 percent from 5.05 percent reported in the June 2023 quarter. The net NPA also demonstrated positive progress, dropping to 0.39 percent in Q2FY24 from 0.44 percent in the preceding quarter.
Total income for the second quarter was Rs 6,924.2 crore, representing a 14 percent increase from the year-ago period's figure of Rs 6,065.5 crore. However, this total income was 10 percent lower compared to the Rs 7,712 crore reported in the first quarter of the current fiscal year.
Operating expenses for the quarter totalled Rs 1,884.2 crore, which was 16 percent higher than the Rs 1,617.70 crore reported in Q2FY23. These expenses also increased by 3 percent compared to the Rs 1,830.83 crore recorded in the June 2023 quarter.
IDBI Bank's annualized net interest margin for the September 2023 quarter was 4.33 percent, a decline from 5.80 percent in Q1FY24 and a slight decrease from 4.37 percent in Q2FY23.
In the most recent market session on October 20, IDBI Bank's shares closed at Rs 67 each on the BSE, marking a 2.33 percent decrease from the previous day's closing price.
Also Read ZEE shares in news as IDBI Bank challenges NCLT order on Sony merger
In the second quarter of fiscal year 2023-24 (Q2FY24), IDBI Bank reported a net profit of Rs 1,323.3 crore, marking a significant increase of 59.8 percent compared to the year-ago period's profit of Rs 828.1 crore. These unaudited standalone financial results were disclosed by the public sector lender on Saturday.
Compared to the previous quarter (Q1FY24), the net profit increased by 8 percent, reaching Rs 1,224.2 crore.
IDBI Bank also saw a 12 percent rise in its net interest income (NII), which amounted to Rs 3,066.5 crore in the same period, up from Rs 2,738.1 crore in the corresponding period of the previous financial year.
The gross non-performing assets (NPA) ratio showed sequential improvement, decreasing to 4.9 percent from 5.05 percent reported in the June 2023 quarter. The net NPA also demonstrated positive progress, dropping to 0.39 percent in Q2FY24 from 0.44 percent in the preceding quarter.
Total income for the second quarter was Rs 6,924.2 crore, representing a 14 percent increase from the year-ago period's figure of Rs 6,065.5 crore. However, this total income was 10 percent lower compared to the Rs 7,712 crore reported in the first quarter of the current fiscal year.
Operating expenses for the quarter totalled Rs 1,884.2 crore, which was 16 percent higher than the Rs 1,617.70 crore reported in Q2FY23. These expenses also increased by 3 percent compared to the Rs 1,830.83 crore recorded in the June 2023 quarter.
IDBI Bank's annualized net interest margin for the September 2023 quarter was 4.33 percent, a decline from 5.80 percent in Q1FY24 and a slight decrease from 4.37 percent in Q2FY23.
In the most recent market session on October 20, IDBI Bank's shares closed at Rs 67 each on the BSE, marking a 2.33 percent decrease from the previous day's closing price.
Also Read ZEE shares in news as IDBI Bank challenges NCLT order on Sony merger