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IDBI Bank announced Q2FY24 results:
1. Financial Performance:
- Net profit surges to Rs 1,323 crore, registering a YoY growth of 60%.
- Net Interest Income at Rs 3,067 crore, witnessing a 12% YoY growth.
- Net Advances at Rs 1,68,502 crore, showing a 15% YoY growth.
- CASA (Current Account and Savings Account) at 51.49%.
- Gross NPA (Non-Performing Assets) decreases to 4.90%, with a YoY reduction of 1161 bps.
- Net NPA decreases to 0.39%, with a YoY reduction of 77 bps.
- Provision Coverage Ratio (PCR) at 99.10%.
- CRAR (Capital to Risk-Weighted Assets Ratio) at 21.26%.
2. Performance Highlights for Q2 FY 2024:
- Net profit at Rs 1,323 crore, witnessing a YoY growth of 60%.
- Operating profit stands at Rs 2,072 crore.
- NIM (Net Interest Margin) stands at 4.33%.
- Cost of deposit stands at 4.23%.
- CRAR stands at 21.26%, with a YoY growth of 178 bps.
- Return on Assets (ROA) stands at 1.59%, with a YoY growth of 50 bps.
- Return on Equity (ROE) stands at 19.05%, with a YoY growth of 384 bps.
- Net NPA stands at 0.39%, improved by 77 bps on a YoY basis.
- Gross NPA stands at 4.90%, improved by 1161 bps on a YoY basis.
- PCR stands at 99.10%, increased by 126 bps on a YoY basis.
3. Business Growth:
- Net advances grew by 15% YoY to Rs 1,68,502 crore as of September 30, 2023, compared to Rs 1,46,924 crore as of September 30, 2022.
- CASA stood at Rs 1,28,464 crore, with a CASA ratio of 51.49% as of September 30, 2023.
4. Asset Quality:
- Gross NPA ratio improved to 4.90% as of September 30, 2023, compared to 16.51% as of September 30, 2022.
- Net NPA ratio improved to 0.39% as of September 30, 2023, compared to 1.16% as of September 30, 2022.
- Provision Coverage Ratio (including Technical Write-Offs) improved to 99.10% as of September 30, 2023, from 97.84% as of September 30, 2022.
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