IDBI Bank on Monday posted 35 per cent rise in net profit at Rs 691 crore for the quarter ended March 2022 due to a fall in bad loan provisions as NPAs came down.
The bank had posted a net profit of Rs 512 crore for the same quarter of 2020-21.
Total income during the January-March period of 2021-22, however, was lower at Rs 5,444.08 crore from Rs 6,894.86 crore in the year-ago period, IDBI Bank said in a regulatory filing.
The bank's core interest income during the period was down at Rs 4,599.67 crore as against Rs 5,781.48 crore a year ago. Income from other sources was also lower at Rs 844 crore from Rs 1,113 crore.
The proportion of gross bad loans or non-performing assets (NPAs) of the bank fell to 19.14 per cent of gross loans at March-end 2022 as against 22.37 per cent by March 2021.
In value terms, gross NPAs stood at Rs 34,115 crore as against Rs 36,212 crore.
Likewise, net NPAs came down to 1.27 per cent (Rs 1,856 crore) from 1.97 per cent (Rs 2,519 crore).
Thus, provisions for bad loans and contingencies for the quarter were trimmed to Rs 669.23 crore as against Rs 2,393.36 crore parked aside by the bank for the March quarter of 2020-21.
Of this, provisions for bad loans stood at Rs 300.61 crore, as against Rs 1,119.65 crore.
For the full year, the bank's net profit grew 79 per cent to Rs 2,439 crore from Rs 1,359 crore in 2020-21.
Total income during the year was down at Rs 22,985 crore from Rs 24,497 crore mainly on account of fall in interest income as well as those from other sources.
The bank said its gross advances stood at Rs 1,78,207 crore by March 31, 2022, registering a yearly growth of 10.07 per cent.
IDBI Bank said during March quarter of previous fiscal year, it had received interest of Rs 1,313 crore on income tax refund.
The bank's stock was trading 0.11 per cent up at Rs 45.40 on BSE.