IDBI Bank Q3 results shown significant increase in net profit, jumping by 31% to reach Rs 1,908 crore compared to the previous year
IDBI Bank, a private sector lender, announced a significant 31 percent increase in standalone net profit to Rs 1,908.27 crore for the third quarter ending on December 31, 2024. This marks a substantial rise from the net profit of Rs 1,458.18 crore reported in the same quarter of the previous year.
The bank’s total income also saw a notable increase, reaching Rs 8,564.92 crore in the third quarter of the current fiscal compared to Rs 7,514.27 crore in the year-ago period, as disclosed in a regulatory filing by IDBI Bank.
During this quarter, the bank’s interest income surged to Rs 7,815.57 crore from Rs 6,540.86 crore in the corresponding period of the previous fiscal year. Additionally, the bank’s Net Interest Income (NII) experienced a growth of 23.1 percent, reaching Rs 4,228.22 crore compared to Rs 3,434.47 crore in the same quarter of FY24.
Notably, the gross Non-Performing Asset (NPA) decreased to 3.57 percent from 4.69 percent of total advances by the end of December 2023. Similarly, the net NPA also saw a decline, dropping marginally to 0.18 percent from 0.34 percent at the end of December 2023.
Provisions and contingencies for the third quarter of FY25 decreased to Rs 165.60 crore from Rs 319.85 crore in the same quarter of the previous financial year. The Net Interest Margin (NIM) stood at 5.17 percent in the third quarter of 2024-25.
The bank’s Current Account Savings Account (CASA) increased to Rs 1,30,899 crore from Rs 1,28,962 crore on a year-on-year basis, showing a growth of 2 percent. The CASA ratios 85.34 per share on the NSE.
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