IDBI Bank Financial Results for Q1 of FY 2023

Mumbai: The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today and approved the financial results for the Quarter ended June 30, 2022.

Net profit of

₹756 crore, QoQ growth of 10%.

Operating Profit of ₹2,052 crore, QoQ growth of 36%.

NII stood at ₹2488 crore, QoQ growth of 3%.

NIM at 4.02% (3.73% excluding interest on IT refund), QoQ growth of 5bps.

Cost of Deposit stood at 3.36% for Q1 of FY 2023 as against 3.43% for Q4 of FY 2022.

Cost of Funds stood at 3.63% for Q1 of FY 2023 as against 3.69% for Q4 of FY 2022.

CRAR at 19.57%, QoQ growth of 51 bps.

Return on Assets (ROA) at 1.03%, QoQ growth by 8 bps.

Return on Equity (ROE) at 14.80%, QoQ growth by 32 bps.

CASA ratio stood at 55.65% for Q1 of FY 2023 as against 56.77% for Q4 of FY 2022.

Net NPA at 1.25% for Q1 of FY 2023 as against 1.36% for Q4 of FY 2022.

PCR stood at 97.79% as against 97.63% as on March 31, 2022.

Operating Performance:

•   Net Profit improved by 25% for Q1-2023 to ₹756 crore as against net profit of ₹603 crore for Q1-2022. Net Profit for Q4-2022 was ₹691 crore.
•   PBT improved by 7% for Q1-2023 to ₹1,093 crore as against ₹1,024 crore for Q1-2022. PBT for Q4-2022 was ₹844 crore.
•   Operating profit stood at ₹2,052 crore for Q1-2023 as against ₹2,868 crore  for Q1-2022. Operating profit was at ₹1,513 crore for Q4-2022.
•  Net Interest Income stood at ₹2,488 crore for Q1-2023 as against ₹2,506 crore for Q1-2022. NII stood ₹2,420 crore for Q4-2022.
•  Net Interest Margin (NIM) stood at 4.02% (3.73% excluding interest on IT refund) for Q1-2023 as compared to 4.06% for Q1-2022. NIM stood 3.97% for Q4-2022.
•   Cost of Deposit reduced by 36 bps to 3.36% for Q1-2023 as compared to 3.72% for Q1-2022. Cost of deposit stood at 3.43% for Q4-2022.
•  Cost of Funds reduced by 35 bps to 3.63% for Q1-2023 as compared to 3.98% for Q1-2022. Cost of funds stood at 3.69% for Q4-2022.

Business Growth

•   CASA improved to ₹1,25,356 crore as on June 30, 2022 as against ₹1,16,595 as on June 30, 2021 (YoY growth of 8%). CASA stood at ₹1,32,359 crore as on March 31, 2022.
•   Share of CASA in Total Deposits improved to 55.65% as on June 30, 2022 as against 52.43% as on June 30, 2021 and 56.77 % as on March 31, 2022.
•   Net advances grew by 12% YoY to ₹1,38,046 crore as on June 30, 2022.              Gross advances stood at ₹1,70,390 crore as on June 30, 2022, YoY growth of 9%.
•   The composition of Advances portfolio Corporate v/s Retail was at 37:63 as on June 30, 2022. 

Asset Quality

•   Gross NPA ratio improved to 19.90% as on June 30, 2022 as against 22.71% as on June 30, 2021. Gross NPA stood at 20.16% as on March 31, 2022.
•  Net NPA ratio improved to 1.25% as on June 30, 2022 as against 1.67% as on June 30, 2021. Net NPA ratio stood at 1.36% as on March 31, 2022.
•  Provision Coverage Ratio (including Technical Write-Offs) improved to 97.79% as on June 30, 2022 from 97.42 % as on June 30, 2021. PCR stood at 97.63% as on March 31, 2022.

Capital Position

•   Tier 1 improved to 17.13% as on June 30, 2022 as against 16.68% as on March 31, 2022 and 13.64% as on June 30, 2021.
•   CRAR improved to 19.57% as on June 30, 2022 as against 19.06 % as on March 31, 2022 and 16.23% as on June 30, 2021.
•   Risk Weighted Assets (RWA) reduced by 0.29% to ₹1,53,832 crore as on June 30, 2022 as against ₹1,54,285 crore as on June 30, 2021. Total RWA was ₹1,54,559 crore as on March 31, 2022. Credit Risk weighted assets reduced by 0.88% to ₹1,21,798 crore as on June 30, 2022 as against ₹1,22,876 crore as on June 30, 2021. Credit RWA was ₹1,22,451 crore as on March 31, 2022.

  Previous periods figures have been regrouped/ restated (wherever necessary)

  1- Annualized

  ^ - NIM excluding interest on IT refund – 3.73%

  ^^ - NIM excluding interest on IT refund – 3.59%