IDBI Bank’s Q3FY22 net profit up 53%

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IDBI Bank on Friday reported a rise of 53 per cent in its net profit for Q3FY22 on a year-on-year basis, at Rs 578 crore as against Rs 378 crore reported for Q3FY21.

Besides, the bank’s net interest income improved by 31 per cent for Q3FY22 to Rs 2,383 crore as against Rs 1,817 crore for Q32021.

“‘Net Interest Margin’ (NIM) improved by 101 bps to 3.88 per cent for Q3-2022 as compared to 2.87 per cent for Q3-2021,” the bank said in its results statement.

According to the lender, the gross NPA ratio improved to 20.56 per cent as on December 31, 2021 as against 23.52 per cent as on December 31, 2020. The Gross NPA stood at 21.85 per cent as on September 30, 2021.

“Net NPA ratio improved to 1.70 per cent as on December 31, 2021 as against 1.94 per cent as on December 31, 2020 and 1.71 per cent as on September 30, 2021.

“Recovery from write off accounts increased to Rs 308 crore in Q3-2022 as against Rs 105 crore in Q3-2021. Recovery from write off account was Rs 137 crore in Q2-2022.”

In addition, the bank pointed out that as on December 31, 2021, the bank had Covid-19 related provisions of Rs 863 crore (other than provisions held for restructuring under Covid-19 norms).

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