Private sector lender IDBI Bank on Monday reported a 31 percent rise in standalone net profit to Rs 1,908.27 crore for the third quarter ended on December 31, 2024. The bank had earned a net profit of Rs 1,458.18 crore in the October-December quarter of the previous year.
The total income of the bank increased to Rs 8,564.92 crore in the third quarter of the current fiscal from Rs 7,514.27 crore in the year-ago period, IDBI Bank said in a regulatory filing.
During the quarter, the bank’s interest income rose to Rs 7,815.57 crore from Rs 6,540.86 crore in the same period last fiscal. The bank’s Net Interest Income (NII) grew 23.1 percent to Rs 4228.22 crore as against Rs 3434.47 crore in the same quarter of FY24.
The gross Non-Performing Asset (NPA) moderated to 3.57 percent as against 4.69 percent of the total advances at the end of December 2023. Similarly, the net NPA declined marginally to 0.18 percent as compared to 0.34 percent at the end of December 2023.
Provisions and contingencies for the third quarter of FY25 declined to Rs 165.60 crore against Rs 319.85 crore in the same quarter of the previous financial year. Net Interest Margin (NIM) stood at 5.17 percent in the third quarter of 2024-25.
The CASA increased to Rs 1,30,899 crore from Rs 1,28,962 crore on YoY basis, reporting a growth of 2 percent. CASA ratio stood at 46.35 percent. The net advances grew by 18 percent on-year to Rs 2,06,807 crore as on December 31, 2024 as against Rs 1,75,001 crore as on December 31, 2023.
The total deposit increased to Rs 2,82,439 crore as on December 31, 2024 as against Rs 2,58,442 crore as on December 31, 2023 registering a growth of 9 percent. The operating profit stood at Rs 2,802 crore, rising 20 percent YoY. Provision Coverage Ratio (including Technical Write-Offs) improved to 99.47 percent as on December 31, 2024 from 99.17 percent as on December 31, 2023.
Shares of the company settled 1.58 percent higher at Rs 85.34 per share on the NSE.
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