IDBI Bank Q4 Results: Net Profit Surges 35 Per Cent To Rs 691 Crore As NPAs Fall To 19.14 Per Cent

IDBI Bank's core interest income was down at Rs 4,599.67 crore as against Rs 5,781.48 crore a year ago, while income from other sources was came down to Rs 844 crore from Rs 1,113 crore

New Delhi: IDBI Bank on Monday clocked a rise in net profit by 35 per cent to Rs 691 crore for the fourth quarter (Q4) ended March 2022, the PTI reported.

The increase in net profit of the bank was because of decline in bad loan provisions as NPAs came down, according to the report.

For the same quarter in FY20-21, the lender had posted a net profit of Rs 512 crore.

IDBI Bank in a regulatory filing said that the total income during the reported period of FY21-22 was lower at Rs 5,444.08 crore from Rs 6,894.86 crore in the year-ago period.

The core interest income was down at Rs 4,599.67 crore as against Rs 5,781.48 crore a year ago, while income from other sources was came down to Rs 844 crore from Rs 1,113 crore.

The proportion of non-performing assets (NPAs) of the bank dipped to 19.14 per cent in the March-end 2022 as against 22.37 per cent by March 2021. Gross NPAs stood at Rs 34,115 crore as against Rs 36,212 crore in value terms.

Also, the lender’s net NPAs came down to 1.27 per cent at Rs 1,856 crore from 1.97 per cent at Rs 2,519 crore.

Provisions for bad loans and contingencies in Q4 were trimmed to Rs 669.23 crore as against Rs 2,393.36 crore. Provisions for bad loans stood at Rs 300.61 crore, as against Rs 1,119.65 crore.

IDBI Bank’s net profit grew 79 per cent to Rs 2,439 crore from Rs 1,359 crore in FY20-21.

Total income during the year was down at Rs 22,985 crore from Rs 24,497 crore mainly on account of fall in interest income as well as those from other sources.

IDBI Bank said during March quarter of previous fiscal year, it had received interest of Rs 1,313 crore on income tax refund.

On the BSE, the bank's stock was trading 0.11 per cent up at Rs 45.40 on Monday.