News Karnataka
Wednesday, December 06 2023
Business News

IDBI Bank closed 2Q FY24 with net profit of Rs 1,323 crore

IDBI Bank closed 2Q FY24 with net profit of Rs 1,323 crore
Photo Credit : Openverse

Image source: Krushal.intech, CC BY-SA 4.0, via Wikimedia Commons

Chennai: IDBI Bank on Saturday said it closed the second quarter of FY24 with an increased net profit of Rs.1,323.27 crore.

In a regulatory filing, IDBI Bank said for the quarter ended September 30, it had earned a total interest income of Rs 6,034.81 crore (Q2FY23 Rs 4,978.24 crore) and a net profit of Rs 1,323.27 crore (against Rs 828.09 crore in Q2FY23).

During the period under review, the bank had earned Rs 889.37 crore taking the total income to Rs 8,411.92 crore.

The bank said its net interest margin for Q2 stood at 4.33 per cent, down from 4.37 per cent for Q2 of FY23.

According to the bank, the profit for the period under review includes capital gain of Rs 380 crore from sale of Ageas Federal Life Insurance Company Ltd.

IDBI Bank said its net advances grew by 15 per cent YoY to Rs 1,68,502 crore as on September 30, 2023, as against Rs 1,46,924 crore as on September 30, 2022.

As on September 30 this year, IDBI Bank’s gross non performing assets (GNPA) and net NPA stood at Rs 8,645.23 crore and Rs 651.01 crore, respectively.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Editor's Pick

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp