IDBI Bank's Q3 net profit soars by 31% to ₹1,908cr
What's the story
In the latest development, the IDBI Bank has reported a whopping 31% jump in its standalone net profit for the third quarter ending December 31, 2024.
The profit jumped to ₹1,908.27 crore from ₹1,458.18 crore in the same period (October-December quarter) the previous year.
The bank disclosed the financial growth in a regulatory filing.
Income growth
Total income and interest income rise
The bank's total income also witnessed a massive jump, increasing to ₹8,564.92 crore in Q3 of the ongoing fiscal year from ₹7,514.27 crore in the same quarter the previous year.
Further, IDBI Bank's interest income also received a major boost. It jumped to ₹7,815.57 crore from ₹6,540.86 crore in the same quarter of the previous fiscal year.
NII growth
Net interest income grows by 23.1%
IDBI Bank's net interest income (NII) also witnessed a remarkable surge in Q3 of the ongoing fiscal year.
The NII grew by a whopping 23.1% to ₹4,228.22 crore as opposed to ₹3,434.47 crore during the corresponding period of FY24.
This growth further highlights the bank's robust financial performance during this quarter.
Asset quality
Reduction in gross NPA and net NPA
In terms of asset quality, IDBI Bank also reported a decline in its gross non-performing assets (NPAs).
The gross NPAs fell to 3.57% as against 4.69% of total advances at the end of December 2023.
Likewise, the bank's net NPAs also witnessed a marginal decline, falling to 0.18% from 0.34% at the end of December 2023.
Information
Provisions and contingencies decline in Q3
IDBI Bank reported a decline in its provisions and contingencies for the third quarter of FY25. These provisions stood at ₹165.60 crore against ₹319.85 crore in the same period last fiscal year. This decline further underscores the bank's improved financial health during this quarter.