IDBI Bank Q2 Results: Net profit soars 75% to Rs 567 cr

IDBI Bank on Thursday reported a rise of 75 per cent in its net profit for Q2FY22 on a year-on-year basis.

The bank's net profit rose to Rs 567 crore as against Rs 324 crore reported for Q2FY21.

"Operating profit improved by 15 per cent for Q2-2022 to Rs 1,209 crore as against Rs 1,054 crore for Q2-2021," the bank said in a statement.

Net interest Income improved by 9 per cent for Q2FY22 to Rs 1,854 crore as against Rs 1,694 crore for Q2-2021.

"Net Interest Margin improved by 32 bps to 3.02 per cent for Q2-2022 as compared to 2.70 per cent for Q2-2021."

According to the lender, the gross NPA ratio improved to 20.92 per cent as on September 30, 2021 as against 25.08 per cent as on September 30, 2020.

Gross NPA stood at 21.48 per cent as on June 30, 2021.

"Net NPA ratio improved to 1.62 per cent as on September 30, 2021 as against 2.67 per cent as on September 30, 2020 and 1.56 per cent as on June 30, 2021."

"Recovery from write-off accounts improved to Rs 137 crore in Q2-2022 as against Rs 57 crore in Q2-2021. Recovery from write off account was Rs 331 crore in Q1-2022."

In addition, the bank pointed out that as on September 30, 2021, it had COVID-19 related provisions of Rs 863 crore (other than provisions held for restructuring under COVID-19 norms).

"The provision made by the bank is more than minimum required as per the RBI guidelines," it said.