Money & Banking

IDBI Bank reports ₹144 crore profit in Q1

PTI New Delhi | Updated on July 28, 2020

IDBI Bank on Tuesday reported a standalone net profit of ₹144.43 crore for June quarter of 2020-21 financial year.

The private sector bank posted a net loss of ₹3,800.84 crore for April-June 2019-20. In the preceding March quarter, the bank logged a profit of ₹135.39 crore.

Total income fell slightly to ₹5,901.02 crore in April-June 2020-21 from ₹5,923.93 crore in the same quarter of the last fiscal, IDBI Bank said in a regulatory filing.

In March quarter, the income was ₹6,924.94 crore.

The bank’s asset quality improved with gross non-performing assets (NPAs) falling to 26.81 per cent of the gross advances as at June 30 from 29.12 per cent by June 2019.

Net NPAs or bad loans came down to 3.55 per cent from 8.02 per cent.

The bank’s provisions for bad loans and contingencies stood at ₹888.05 crore in June quarter, down substantially from ₹6,332.05 crore in the year-ago period.

On a consolidated basis, the bank had a net profit of ₹159.14 crore in June quarter. It reported a loss of ₹3,821.26 crore for the year-ago period.

The consolidated income rose a tad to ₹5,955.17 crore from ₹5,927.76 crore.

IDBI Bank stock closed at ₹38.70 on BSE, up 4.88 per cent from the previous close.

Published on July 28, 2020

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