IDBI Bank Limited – Financial Results for the quarter and half year ended September 30, 2023

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Telugu super news,october 21 2023:Net Profitsurges to₹1,323crore, registers YoYgrowth of 60% Net Interest Income at ₹3,067crore, YoY growth of 12%Net Advances at ₹1,68,502crore, registers YoY growth of 15%CASA at 51.49%Gross NPA down to 4.90%, YoY reduction by 1161 bpsNet NPA down to 0.39%, YoY reduction by 77 bpsProvision Coverage Ratio (PCR)) at 99.10%CRAR at 21.26%

Highlights forQ2 FY 2024

  • Net profit at ₹1,323crore, YoYgrowth of 60%.
  • Operating Profit stood at ₹2,072crore.
  • NIM stood at 4.33%.
  • Cost of Deposit stood at 4.23%.
  • CRAR stood at 21.26% with YoY growth of 178bps.
  • Return on Assets (ROA) stood at 1.59%, YoY growth of 50bps.
  • Return on Equity (ROE) stood at 19.05%, YoY growth of 384bps.
  • Net NPA stood at 0.39%, improved by 77 bps on YoY basis.
  • Gross NPA stood at 4.90%, improved by 1161 bps on YoY basis.
  • PCR stood at 99.10%, increased by 126 bpson YoY basis.

Operating Performance for Q2of FY 2024

  • Net Profit improved by 60% for Q2-2024to ₹1,323crore as against net profit of ₹828 crore for Q2-2023.
  • PBT improved by 60% for Q2-2024 to ₹2,299 crore as against ₹1,437 crore for Q2-2023.
  • Operating profit stoodat₹2,072 for Q2-2024as against₹2,208 crore for Q2-2023. Profit for Q2-2023 included capital gain of ₹380 crore from sale of Ageas Federal Life Insurance Company Ltd. 
  • Net Interest Incomeimproved by12% for Q2-2024 to₹3,067crore as against₹2,738 crore for Q2-2023.
  • Net Interest Margin (NIM)stood at4.33% for Q2-2024 as compared to 4.37% for Q2-2023.
  • Cost of Deposit increased by 80 bps and stood at 4.23% for Q2-2024 as compared to 3.43% for Q2-2023.
  • Cost of Fundsincreased by 77 bps and stood at 4.49% for Q2-2024 as compared to 3.72% for Q2-2023.
  • Cost to income ratio stood at 47.63%for Q2-2024.

Business Growth

  • CASA stood at₹1,28,464crore and CASA ratio stood at 51.49% as on September30, 2023.
  • Net advances grew by 15% YoY to ₹1,68,502crore as on September30, 2023 as against ₹1,46,924cras on September 30, 2022.
  • The composition ofcorporate v/s retail in gross advances portfolio was at30:70as on September30, 2023 as against 35:65as onSeptember30, 2022.

Asset Quality

  • Gross NPA ratio improved to 4.90% as on September30, 2023as against16.51% as on September 30, 2022.
  • Net NPA ratio improvedto0.39% as on September30, 2023as against1.16% as onSeptember 30, 2022.
  • Provision Coverage Ratio (including Technical Write-Offs)improved to 99.10% as on September30, 2023from 97.84% as onSeptember 30, 2022.

Capital Position

  • Tier 1 capital improved to18.86% as on September30, 2023as against 17.05% as onSeptember 30, 2022.
  • CRARimproved to21.26% as on September30, 2023as against19.48% as on September 30, 2022.
  • Risk Weighted Assets (RWA) stood at ₹1,61,618crore as on September30, 2023 as against ₹1,57,840 crore as onSeptember 30, 2022.

Significant Developments

  • IDBI Bank was awarded with Exemplary Trophy of Par Excellence for Leadership Pinnacle Campaign and Exemplary Award of Par Excellence for APY Big Believers Campaign conducted by PFRDA during the FY 2022-23.
  • ICRA upgraded IDBI Bank’s Long Term Ratings to `[ICRA]AA-‘ from `[ICRA]A+.

Mumbai, October 21, 2023: The Board of Directors of IDBI Bank Ltd. met in Mumbai today and approved the financial results for the Quarter and half year ended September30, 2023.

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