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IDBI Bank Q1 results: Net profit rises to Rs 600 crore, NII grew by 41%

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IDBI Bank's net interest income (NII) grew 41.4 percent YoY to Rs 2,506 crore in Q1 FY22. And its net interest margin (NIM) improved by 125 bps to 4.06 percent for the quarter under review, compared to 2.81 percent YoY.

IDBI Bank Q1 results: Net profit rises to Rs 600 crore, NII grew by 41%
The private sector IDBI Bank on Wednesday reported a 318 percent YoY rise in net profit at Rs 603.3 crore during the quarter ended June 30, 2021. In the corresponding quarter last year, the bank had posted a net profit of Rs 144.4 crore.
In the first quarter of the current fiscal, its profit before tax (PBT) improved by 134 percent for Q1 2022. It has improved by 18 percent against Rs 512 crore reported a quarter ago.
Its operating profit registered a growth of 109 percent YoY as it grew to Rs 2,776 crore.
The bank's net interest income (NII) grew 41.4 percent YoY to Rs 2,506 crore in Q1 FY22. And its net interest margin (NIM) improved by 125 bps to 4.06 percent for the quarter under review, as compared to 2.81 percent YoY.
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Asset Quality
The bank's gross NPA ratio improved to 22.71 percent during the quarter under review, as against 26.81 percent in Q1 FY21. Gross NPA stood at 22.37 percent in Q4 FY21.
The bank's net NPA also improved to 1.67 percent during the quarter under review. While its net NPA was 3.55 percent in Q1 FY21, it was 1.97 percent in Q4 FY21.
Its provision coverage ratio, including technical write-offs, improved to 97.42 percent in Q1 FY22 from 94.71 percent in Q1 FY21 and 96.90 percent in Q4 FY21.
Business Growth
The bank's CASA (current account savings account) increased 12 percent to Rs 1,16,609 crore during the quarter under review. As of June 30, 2020, it had reported CASA of Rs 1,04,315 and on March 31, 2021, it was Rs 1,16,491.
The share of CASA in total deposits improved to 52.44 percent as of June 30, 2021, against 47.55 percent a year ago and 50.45 percent a quarter ago.
The bank's composition of advances portfolio, corporate versus retail was realigned to 38:62 in the quarter under review, as against 43:57 a year ago.
The shareholders' funds of the bank decreased 3 percent QoQ and stood at Rs 1,56,698. crore. Under Basel III, the capital adequacy ratio (CAR) and CET I ratios were 16.23 and 13.64 percent, respectively.
As of June 30, 2021, the bank had COVID-19 provisions worth Rs 863 crore, more than the minimum amount required by the Reserve Bank of India (RBI).
At 14:40, the shares of IDBI Bank were trading half a percent lower at Rs 37.
Track all Q1 FY22 earnings here