Life Insurance Corporation (LIC)-promoted IDBI Bank on Friday reported a 53 per cent jump in standalone net profit at Rs 578 crore for the third quarter ended December. The lender had reported a standalone net profit of Rs 378 crore in the October-December quarter of the previous year.
However, total income fell to Rs 5,772.86 crore during the quarter compared to Rs 6,003.91 crore in the same period of 2020-21, the private sector lender said in a statement. The bank’s net interest income rose by 31 per cent to Rs 2,383 crore during the reported quarter as against Rs 1,817 crore in the year-ago period.
Net Interest Margin (NIM) improved by 86 basis points to 3.65 per cent as compared to 2.79 per cent in Q3 of the previous fiscal, it said. The lender’s stressed assets ratio also improved, with gross non-performing assets (NPAs) declining to 20.56 per cent of gross loans as on December 31, 2021, against 23.52 per cent a year ago. Net NPAs improved to 1.70 per cent from 1.94 per cent.
Provisions for bad loans and contingencies stood at Rs 801.81 crore for the December quarter, as against Rs 867.97 crore earlier. As on December 31, 2021, the bank had COVID-19 related provisions of Rs 863 crore, other than provisions held for restructuring under the pandemic norms, it said.