Mumbai [India], January 21 (ANI): IDBI Bank on Friday reported Rs 578 crore net profit for the third quarter of the current financial year, which is 53 per cent more when compared with the corresponding quarter of last year.
IDBI Bank's net profit for the third quarter of 2020-21 stood at Rs 378 crore.
The Bank's profit has jumped due to high growth in net interest income. IDBI Bank's net interest income surged by 30 per cent to Rs 2,383 crore during October-December 2021 quarter.
IDBI Bank's net interest margin, an important indicator of profitability of a lender, improved by 1.01 per cent to 3.88 per cent for the quarter ended December 31, 2021.
Although the asset quality of the bank remained hugely stressed due to high non-performing assets (NPAs) it reported some improvement.
Gross NPA ratio of IDBI Bank improved to 20.56 per cent as on December 31, 2021 as against 23.52 per cent (24.33 per cent with proforma slippages) as on December 31, 2020. 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 (2.75 per cent with proforma slippages) as on December 31, 2020 and 1.71 per cent as on September 30, 2021. (ANI)