IDBI Bank on Monday reported 40% year-on-year (YoY) growth in its standalone net profit at Rs 1,719 crore for the first quarter ended June 2024. The same stood at Rs 1,224 crore in the last year quarter.
Net interest income (NII) for the reporting quarter declined 19% YoY to Rs 3,233 crore as against 3,998 crore in the previous year quarter.
Operating profit (before provisions and contingencies) for the first quarter fell 31% YoY to Rs 2,076 crore, compared with Rs 3,019 crore in the year-ago period.
Net interest margins for the reporting period stood at 4.18%, which is down from 4.8% in the corresponding period of the previous year.
Asset quality-wise, the gross NPAs ratio improved to 3.87% as of June 30, 2024, as against 5.05% as of June 30, 2023. Meanwhile, the net NPA ratio declined to 0.23% at the end of the June quarter as against 0.44% a year ago.
The provision coverage ratio (including technical write-offs) improved to 99.34% as on June 2024 from 98.99% in the last year quarter.
Total deposits increased to Rs 2.77 lakh crore as on June 2024, compared with Rs 2.44 lakh crore as on June 2023, registering a growth of 13% YoY.
CASA increased to Rs 1.34 lakh crore and CASA ratio stood at 48.57% as of June 30, 2024. As of June 2023, total CASA and CASA ratio were at Rs 1.28 lakh crore and 52.61%.
Net advances for the quarter grew 17% YoY to Rs 1.94 lakh crore as of June 30, 2024, as against Rs 1.65 lakh crore as on June 2023.
Tier 1 capital for the quarter improved to 20.26% as of June 2024 against 17.93% as of June 2023. CRAR improved to 22.42% as on June 2024 as against 20.33% as of June 2023.
Risk Weighted Assets (RWA) stood at Rs 1.77 lakh crore as of June 2024 against Rs 1.66 lakh crore as of June 2023.
On Monday, IDBI Bank shares were trading 2.86% higher at Rs 91.40 on NSE.
