Q1FY21 results: IDBI Bank net profit surges by 103.8 per cent to Rs 144.43 crore

IDBI Bank Ltd. announced its quarterly results on July 28, 2020. The bank reported profit after tax (PAT) of Rs 144.43 crore for Q1FY21, which increased by 103.8 per cent as compared to loss Rs 3,800.8 crore it reported in Q1FY20. Total income declined by 0.4 per cent YoY to Rs 5,901.02 crore in Q1FY21 from Rs 5,923.93 crore in Q1FY20.

Net interest income (NII) stood at Rs 1,773.44 crore, which registered a growth of 21.7 per cent YoY, as against Rs 1,457.73 crore it reported in Q1FY20. Net Interest Margin (NIM) improved by 68 bps to 2.81 per cent for Q1FY21 as compared to 2.13 per cent for Q1FY20. Operating profit for Q1FY21 came in at Rs 1,326.02 crore, which increased by 39.4 per cent YoY, as against Rs 950.95 crore in Q1FY20.           

Provisions and contingencies reduced substantially by 86 per cent YoY to Rs 888.05 crore in Q1FY21, as against Rs 6,332.05 crore in Q1FY20. Provision coverage ratio (including technical write-offs) improved to 94.71 per cent as on June 30, 2020 from 93.74 per cent as on March 31, 2020.

On asset quality front, gross non-performing assets (NPA) in Q1FY21 stood at Rs 4,4475.2 crore registering a sequential decline of 5.9per cent QoQ. Gross NPA(per cent) stood at 26.8 per cent in Q1FY21,which  sequentially declined  by 72 bps QoQ, as against 27.53 per cent in previous quarter . Net NPA in Q1FY21 came in at Rs 4,473.73 crore registering a decline of 17.8 per cent QoQ. Net NPA (per cent) stood at 3.6 per cent in Q1FY21, which declined by 64 bps QoQ, compared to 4.19 per cent in previous quarter.

Capital adequacy ratio (per cent) stood at 13.37 per cent in Q1FY21 that increased by 6 bps QoQ, as against 13.31 per cent in previous quarter.

The stock closed with gains of 3.66 per cent at Rs38.25 on BSE.