Net profit jumps by 62% YoY, GNPA ratio down to 5%

IDBI Bank saw its net profit for the first quarter of the current financial year (Q1FY24) jump 62 per cent year-on-year (YoY) to Rs 1,224.18 crore from Rs 756.36 crore in Q1FY23, the company stated in a BSE filing.

The gross non-performing asset (NPA) of the bank declined to 5.05 per cent, as compared to 20 per cent over the corresponding period of the previous year.

The net non-performing assets (NNPA) of the bank fell to 0.44 per cent, as compared to 1.26 per cent over the corresponding period of the previous year.

The lender’s net interest income (NII) for Q1FY24 jumped to 61 per cent at Rs 3,998 crore, as compared to Rs 2,488 crore in the corresponding period of last year.

The operating profit for Q1FY24 surged 47 per cent to Rs 3,019 crore, as against Rs 2,051 crore in the corresponding period last year.

The provisions for Q1FY24 rose 24 per cent at Rs 1,190 crore, as compared to Rs 959.23 crore YoY.

The net interest margin (NIM) improved by178 bps to 5.80 per cent for Q1FY24, as compared to 4.02 per YoY.

The cost of deposit for Q1FY24 stood at 4.12 per cent, as compared to 3.35 per cent in the corresponding period of last year.

The cost of funds stood at 4.40 per cent, as compared to 3.61 per cent in the corresponding period of last year.