IDBI Bank posts 1% drop in Q3 net profit

By: | Published: February 7, 2015 12:03 AM

There was a 22-bps rise in gross NPAs at 5.94% of gross advances compared to 5.72% in the previous quarter and 5.44% in the third quarter of FY14

IDBI Bank has posted a marginal drop of 1.13% y-o-y in net profit at R102.79 crore in the third quarter ended December.

Net interest income (NII) saw a fall of 3.89% to R1,430.55 crore against R1,488.38 crore in the year-ago period. The bank posted a 46% rise in other income at R777.19 crore on a y-o-y basis.

Net interest margin (NIM) fell to 1.85% from 2.18% in the corresponding period in FY14, according to a press release. Total income rose 11% to R7,935.99 crore from R7,149.88 crore on a y-o-y basis. Operating profits fell 10% to R1,113.81 crore compared to R1,239.46 crore in the corresponding period in FY14.

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The bank saw a 22-bps rise in gross NPAs at 5.94% of gross advances compared to 5.72% in the previous quarter and 5.44% in the third quarter of FY14.

Net NPAs stood at 3.05% of net advances compared to 2.79% in the previous quarter and 2.93% in the third quarter of FY14. However, provisions (other than tax) and contingencies fell to R956.25 crore from R1,033.36 crore on a y-o-y basis, according to a company filing on the BSE.

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