IDBI Bank reported a 59.8% year-on-year increase in net profit to ₹1,323.3 crore in the second quarter of fiscal year 2023-24 (Q2FY24), driven by strong growth in net interest income (NII) and improved asset quality. NII rose 12% to ₹3,066.5 crore, while gross NPA ratio improved to 4.9% from 5.05% in the previous quarter.
Quarter-on-quarter, net profit was up 8%, while total income was 10% lower due to a decline in non-interest income. Operating expenses rose 16% year-on-year and 3% quarter-on-quarter.
Annualised net interest margin was 4.33% in the September 2023 quarter, as compared to 5.80% in Q1FY24 and 4.37% in Q2FY23.
Overall, IDBI Bank’s Q2FY24 performance was positive, with strong NII growth and improved asset quality driving net profit growth.
