IDBI Bank net profit increases to Rs 1,323 crore

Chennai, Oct 21 (IANS) IDBI Bank on Saturday said it closed the second quarter of FY24 with an increased net profit of Rs.1,323.27 crore.

In a regulatory filing, IDBI Bank said for the quarter ended September 30, it had earned a total interest income of Rs 6,034.81 crore (Q2FY23 Rs 4,978.24 crore) and a net profit of Rs 1,323.27 crore (against Rs 828.09 crore in Q2FY23).

During the period under review, the bank had earned Rs 889.37 crore taking the total income to Rs 8,411.92 crore.

The bank said its net interest margin for Q2 stood at 4.33 per cent, down from 4.37 per cent for Q2 of FY23.

According to the bank, the profit for the period under review includes capital gain of Rs 380 crore from sale of Ageas Federal Life Insurance Company Ltd.

IDBI Bank said its net advances grew by 15 per cent YoY to Rs 1,68,502 crore as on September 30, 2023 as against Rs 1,46,924 crore as on September 30, 2022.

As on September 30 this year, IDBI Bank's gross non performing assets (GNPA) and net NPA stood at Rs 8,645.23 crore and Rs 651.01 crore, respectively.

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