IDBI Bank posts 60 pc growth in profit in third quarter

MUMBAI: IDBI Bank on Monday posted an increase of 60 per cent in profit after tax to Rs 927 crore for the quarter ended December, against Rs 578 crore in the corresponding quarter the previous year.

The Bank's interest income went up 13 per cent to Rs 5,231 crore, against Rs 4,624 crore in the year-ago period. Non-interest income declined 25 per cent to Rs 857 crore against Rs 1,138 crore in the year-ago period.

Net interest income went up 23 per cent to Rs 2,925 crore against Rs 2,383 crore in the year-ago period while operating profit rose 16 per cent to Rs 2,051 crore against Rs 1,768 crore in the year-ago period.

The Mumbai-headquartered bank said, "CASA (current account savings account) increased to Rs 1,26,663 crore as on December 31, 2022, as against Rs 1,21,732 as on December 31, 2021 (year-on-year growth of 4 per cent). CASA stood at Rs 1,29,407 crore as on September 30, 2022."

Net advances grew by 17 per cent to Rs 1,48,213 crore as on December 31, 2022 as against Rs 1,26,372 as on December 31, 2021, according to a bank statement released on Monday.

Gross NPA ratio improved to 13.82 per cent as on December 31, 2022 as against 21.68 per cent as on December 31, 2021.

"Gross NPA stood at 16.51 per cent as on September 30, 2022," the bank said in a statement shared with exchanges on Monday.

IDBI Bank's equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.

As of September 2021, the Union government held 45.48 per cent shares in IDBI Bank, while LIC held 49.24 per cent and the remaining is held by non-promoters. The shares of the bank were trading at Rs 54.90 apiece, a surge of 0.46 per cent over the previous close, according to BSE.