IDBI Bank on Friday reported a 46% rise in net profit to ₹828 crore for the second quarter ended September 30.

Total income rose to ₹6,065.51 crore from ₹5,129.92 crore a year earlier, IDBI Bank said in a regulatory filing.

The private sector lender, controlled by India’s largest insurer LIC, improved its asset quality by bringing down its gross non-performing assets (NPAs) to 16.5% of gross advances, against 21.9% a year earlier.

Net NPAs too dipped to 1.15% from 1.71%.

However, provisioning towards bad loans and contingencies rose to ₹770.72 crore from ₹571.43 crore a year earlier, and lower than the ₹959.23 crore seen in the for immediately previous quarter.

Shares of IDBI Bank dipped 1.33% to ₹44.15 apiece on the BSE.

Source link

By Dipak

Leave a Reply

Your email address will not be published. Required fields are marked *