Suspense Crime Sach Ka Dam
Leading lender IDBI Bank on Friday reported a 39 percent growth in net profit at Rs 1,836 crore for the quarter that ended September 30, 2024, led by an improvement in interest income. The LIC-controlled bank had posted a net profit of Rs 1,323 crore in the same period a year ago, PTI reported. Total income rose to Rs 8,754 crore in the quarter under review from Rs 6,924 crore in the same period a year ago, IDBI Bank said in a regulatory filing.
Net interest income rises to Rs 3,875 crore
According to the news, the bank’s net interest income increased to Rs 3,875 crore in the July-September quarter from Rs 3,066 crore in the September quarter of 2023, registering a growth of 26 percent. Similarly, the net interest margin increased from 4.33 percent to 4.87 percent at the end of September 2023. The bank’s asset quality saw improvement and gross non-performing assets (NPAs) rose to 3.68 percent of gross advances at the end of the September 2024 quarter, as against 4.90 percent a year ago.
Significant improvement in NPA
Net NPAs or bad loans also declined to 0.20 percent as against 0.39 percent in the year-ago period. The bank’s capital adequacy ratio improved to 21.98 percent from 21.26 ppercentat the end of September 2023. The provision coverage ratio (including technical write-offs) increased to 99.42 percent as of September 30, 2024, from 99.10 ps oofSeptember 30, 2023.
The government is preparing to sell about 61 percent stake in IDBI Bank in collaboration with public sector insurance company LIC. During this, a 30.48 percent stake in the Central Government and a 30.24 percent stake in the Life Insurance Corporation of India (LIC) will be sold.
