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IDBI Bank Q1 Results Highlights: Profit Surges by 40.4% YoY
Last Updated: 2nd August 2024 - 11:22 am
On Monday, IDBI Bank reported a 40% year-on-year (YoY) growth in its standalone net profit, reaching ₹1,719 crore for the first quarter ending in June 2024. In comparison, the net profit for the same quarter last year was ₹1,224 crore.
IDBI Bank Q1 Results Highlights
On Monday, IDBI Bank reported a standalone profit of ₹1,719.27 crore for the first quarter of FY25, marking a 40.4% increase from the ₹1,224.18 crore achieved in the same quarter of the previous financial year. On a consolidated basis, the Q1 profit was ₹1,739.15 crore.
The Net Interest Income (NII) for the period was ₹3,233 crore, down from ₹3,998 crore the previous year. The Net Interest Margin (NIM) stood at 4.18% in Q1FY25. Additionally, the lender saw an improvement in Return on Assets (ROA) by 34 basis points to 1.83% in Q1FY25, compared to 1.49% in Q1FY24. The cost of deposits was 4.58%, while the cost of funds was 4.81% for the first quarter.
As of June 30, 2024, IDBI Bank's total deposits amounted to ₹2,77,548 crore, reflecting a 13% year-on-year increase from ₹2,44,936 crore on June 30, 2023.
The bank's gross NPA stood at ₹7,795.42 crore, and net NPA was ₹453.57 crore for the quarter. The gross NPA ratio improved to 3.87% as of June 30, 2024, from 5.05% as of June 30, 2023. The net NPA ratio was 0.23% in Q1FY25, down from 0.44% in the same period last year.
IDBI Bank's provision coverage ratio was 99.34% as of June 30, 2024, and its CASA ratio was 48.57%. Check IDBI BANK Share Price Live Today
About IDBI Bank Ltd.
IDBI Bank Ltd. (IDBI Bank) offers a variety of commercial and wholesale banking services. The bank's portfolio includes personal, corporate, Micro, Small, and Medium Enterprises (MSME), agricultural, and non-resident Indian (NRI) banking services. For personal banking, IDBI Bank provides accounts, lockers, deposits, loans, cards, online banking, and investment services.
In the corporate banking sector, IDBI Bank offers cash management, treasury services, trade finance, foreign currency solutions, syndication, and advisory services. The MSME banking portfolio includes financing, cards, and Mudra loans. Agricultural banking services cover allied activities, indirect agriculture financing, and term loans.
The NRI banking services feature portfolio investment schemes, fund remittances, preferred banking, and rupee yield enhancement. The bank operates through a network of branch offices, ATMs, online portals, and advisers, catering to individuals, corporates, NRIs, and MSMEs across the country. IDBI Bank is headquartered in Mumbai, Maharashtra, India.
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