*IDBI Bank Limited – Financial Results for the quarter and half year ended September 30, 2023*
Highlights for Q2 FY 2024
Net profit at ₹1,323 crore, YoY growth of 60%.
Operating Profit stood at ₹2,072 crore.
NIM stood at 4.33%.
Cost of Deposit stood at 4.23%.
CRAR stood at 21.26% with YoY growth of 178 bps.
Return on Assets (ROA) stood at 1.59%, YoY growth of 50 bps.
Return on Equity (ROE) stood at 19.05%, YoY growth of 384 bps.
Net NPA stood at 0.39%, improved by 77 bps on YoY basis.
Gross NPA stood at 4.90%, improved by 1161 bps on YoY basis.
PCR stood at 99.10%, increased by 126 bps on YoY basis.
Operating Performance for Q2 of FY 2024
Net Profit improved by 60% for Q2-2024 to ₹1,323 crore as against net profit of ₹828 crore for Q2-2023.
PBT improved by 60% for Q2-2024 to ₹2,299 crore as against ₹1,437 crore for Q2-2023.
Operating profit stood at ₹2,072 for Q2-2024 as against ₹2,208 crore for Q2-2023. Profit for Q2-2023 included capital gain of ₹380 crore from sale of Ageas Federal Life Insurance Company Ltd.
Net Interest Income improved by 12% for Q2-2024 to ₹3,067 crore as against ₹2,738 crore for Q2-2023.
Net Interest Margin (NIM) stood at 4.33% for Q2-2024 as compared to 4.37% for Q2-2023.
Cost of Deposit increased by 80 bps and stood at 4.23% for Q2-2024 as compared to 3.43% for Q2-2023.
Cost of Funds increased by 77 bps and stood at 4.49% for Q2-2024 as compared to 3.72% for Q2-2023.
Cost to income ratio stood at 47.63% for Q2-2024.
CASA stood at ₹1,28,464 crore and CASA ratio stood at 51.49% as on September 30, 2023.
Net advances grew by 15% YoY to ₹1,68,502 crore as on September 30, 2023 as against ₹1,46,924 cr as on September 30, 2022.
The composition of corporate v/s retail in gross advances portfolio was at 30:70 as on September 30, 2023 as against 35:65 as on September 30, 2022.
Gross NPA ratio improved to 4.90% as on September 30, 2023 as against 16.51% as on September 30, 2022.
Net NPA ratio improved to 0.39% as on September 30, 2023 as against 1.16% as on September 30, 2022.
Provision Coverage Ratio (including Technical Write-Offs) improved to 99.10% as on September 30, 2023 from 97.84% as on September 30, 2022.
Tier 1 capital improved to 18.86% as on September 30, 2023 as against 17.05% as on September 30, 2022.
CRAR improved to 21.26% as on September 30, 2023 as against 19.48% as on September 30, 2022.
Risk Weighted Assets (RWA) stood at ₹1,61,618 crore as on September 30, 2023 as against ₹1,57,840 crore as on September 30, 2022.
IDBI Bank was awarded with Exemplary Trophy of Par Excellence for Leadership Pinnacle Campaign and Exemplary Award of Par Excellence for APY Big Believers Campaign conducted by PFRDA during the FY 2022-23.
ICRA upgraded IDBI Bank’s Long Term Ratings to `[ICRA]AA-‘ from `[ICRA]A+.
Mumbai, October 21, 2023: The Board of Directors of IDBI Bank Ltd. met in Mumbai today and approved the financial results for the Quarter and half year ended September 30, 2023