New Delhi: Public sector lender IDBI Bank today reported a 49.42 per cent spike in net profit for the quarter to March at Rs 771 crore, boosted by a gain of Rs 183 crore in deferred tax, and lower provisions for bad loans.
During the same quarter last fiscal, the city-based lender had reported a post-tax profit of Rs 516 crore.
During the reporting quarter, the net interest income (NII) of the youngest state-run bank grew by a modest 9.4 per cent at Rs 1,211 crore, against Rs 1,107 crore a year ago. The jump in profit was aided by a deferred tax payment of Rs 183 crore, while it paid Rs 150 crore in taxes during the quarter.
Total income grew to Rs 6,857 crore from Rs 5,701 crore, while the interest income touched Rs 6,080 crore, up from Rs 5,024 crore, and non-interest income rose to Rs 777 crore from Rs 677 crore.
During the quarter, the net NPA improved to 1.61 per cent, against 1.96 per cent a year ago, while for the full fiscal it rose to 1.61 percent from 1.06 percent. There was a marginal improvement in gross NPA too, at 2.49 per cent, against 2.94 per cent a year ago, but for the full fiscal it rose to 2.49 percent from 1.76 percent.
"Our provisions came down to Rs 424 crore in the reporting quarter from Rs 651 crore a year ago, as we could successfully recover some of the bad assets during the quarter," chairman and managing director RM Malla told reporters here this evening.
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