IDBI Bank concluded the third quarter of FY24 on a positive note, reporting a higher net profit of Rs 1,458.18 crore. In a regulatory filing over the weekend, the bank revealed that for the quarter ending on December 31, 2023, it achieved a total interest income of Rs 6,54.86 crore, compared to Rs 5,23.44 crore in Q3FY23. The net profit for the same period increased to Rs 1,458.18 crore, up from Rs 927.27 crore in the corresponding quarter of the previous fiscal year.
This surge in profit can be attributed to a comprehensive boost in the bank's revenue streams. Notably, during the quarter under review, IDBI Bank experienced a reduction in provisions, which amounted to Rs. 319.85 crore as opposed to Rs. 784.28 crore in the comparable period.
As of December 31, 2023, the bank's gross non-performing assets (NPAs) and net NPAs were reported at Rs 8,589.40 crore and Rs 593.34 crore, respectively. This represents a significant improvement compared to the figures from December 31, 2022, which stood at Rs. 23,535.06 crore for gross NPAs and Rs. 1,595.63 crore for net NPAs. IDBI Bank's ongoing efforts to manage and reduce non-performing assets have evidently contributed to the positive financial performance observed in the latest quarter.
(With Agency Inputs)
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