IDBI Bank's Q1FY22 standalone profit zooms by 318 pc to Rs 603 cr, NII jumps 41.29 pc
Mumbai/IBNS: IDBI Bank's net profit jumped 318 per cent year-on-year (YoY) at Rs 603 crore in the June quarter of 2021 compared to Rs 144 crore in June 2020.
The bank reported that its Net Interest Income (NII) stood at Rs 2,505.73 crore in June 2021 up 41.29 per cent from Rs 1773.44 crore in June 2020.
NII and other incomes improved as the bank was able to recover Rs 733 crore from the Kingfisher Airlines account by the sale of United Breweries shares.
In the quarter-ended June 2021, the bank's Operating Profit came at Rs 2,776.07 crore, up 109.35 per cent compared to Rs 1,326.02 crore in June 2020.
Earnings per share or EPS has increased to Rs 0.56 in June 2021 from Rs 0.14 in June 2020.
Fresh slippages went down at Rs1,332 crore compared to Rs 2,382 crore in the year-ago period.
The rise in non-performing assets (NPAs) already existing was at Rs 245 crore (Rs 250 crore).
Gross NPAs grew by 22.71 per cent of gross advances as at June-end 2021. This was 22.37 per cent as at March-end 2021.
Net NPA , however, showed some improvement to 1.67 per cent of net advances in the quarter ended June 2021 which was 1.97 per cent in the previous quarter.
During the June quarter of the current fiscal year, IDBI Bank made additional provision of Rs 447 crore over and above the income recognition and asset classification norms in respect of certain borrower accounts to shield against the inherent risk and uncertainty of recovery in these identified accounts.
Deposits improved by about 1.37 per cent y-o-y to Rs 2,22,381 crore.
Advances declined about 2.29 per cent y-o-y to Rs 1,22,994 crore.
The bank said it has made provision of Rs 902 crore during the quarter ended June 30, 2021, towards the estimated shortfall in recoveries by stressed assets stabilisation fund trust.