MUMBAI: The LIC-controlled IDBI Bank has reported a record Rs 1,836 crore in net income in the quarter to September, which is a full 39 percent more than it had booked in the same quarter in the last fiscal. This was driven by a massive 54 bps increase in margins and healthy operating income which was nearly 50 percent more than last year’s.
The city-based bank in which the government is likely to sell its residual stake this fiscal said in a statement Friday that its net interest margin rose by 54 bps to 4.87 percent.
Cost to income ratio came down massively to 42.05 from 47.63, boosting the bottom line.
The bank had more than a third of its loans in NPAs before the government thrust it on the LIC. While the net NPA came in at a fickle 0.20 percent, improving by 19 bps and making it the lowest across banks, gross NPA printed in at 3.68 percent, a reduction of 122 bps. This had the bank’s provisioning coverage ratio at 99.42, up 32 bps.
Net interest income rose 26 percent to Rs 3,875 crore.
Total deposits rose 11 percent to Rs 2,77,602 crore while advances rose 19 percent to Rs 2,00,944 crore. Casa increased to Rs 1,33,639 crore from Rs 1,28,464 crore.