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Apr 23, 2012, 04.43 PM IST
IDBI Bank has reported a strong growth of 49.4% YoY in its net profit at Rs 771 crore for the quarter ended March 2012 due to decline in provisions.
The bank made provision of Rs 273 crore in the January-March quarter, quite lower as compared to Rs 406 crore in the corresponding quarter of last fiscal. Net interest income increased 9.4% to Rs 1,211 crore from Rs 1,107 crore during the same period. Its asset quality and margins improved sequentially. Net interest margin improved at 2.07% versus 1.86% and capital adequacy ratio advanced at 14.58% versus 13.64% quarter-on-quarter. Deposit growth in the quarter ended March 2012 stood at 14.7% while advances grew at 15.3%. Gross non-performing assets (NPAs) stood at Rs 4,551 crore versus Rs 4,639 crore and net NPAs reported at Rs 2,910 crore versus Rs 3,057 crore. Gross NPAs declined at 2.49% versus 2.94% and net NPAs too fell at 1.61% versus 1.96%. For the financial year 2011-12, net interest income increased 6.4% YoY at Rs 4,545 crore and profit after tax grew by 23% at Rs 2,032 crore.
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