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IDBI Bank had reported a net profit of Rs 603 crore in the June quarter of FY20, up 318 per cent year-on-year (YoY) and 18 per cent sequentially, aided by higher other income. In the year-ago period, it had reported a net profit of Rs 144 crore.
Net interest income (NII) of the lender jumped 41 per cent YoY to Rs 2,506 crore, but sequentially it was down 23 per cent. Its net interest margin (NIM) increased by 125 basis points (bps) to 4.06 per cent in Q1FY22 as against 2.81 per cent in the year-ago period.
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Provisions and contingencies were significantly higher on a YoY basis, but sequentially provisions were down. In Q1FY22, provisions made by the lender increased by 97 per cent YoY to Rs 1,752 crore. In Q4FY21, its provisions were to the tune of Rs 2,457 crore. As of June 30, 2021, it is holding covid related provisions of Rs 863 crore.
At the end of the quarter, the bank has made an additional Rs 447.31 over and above the IRAC norms regarding specific borrower accounts, given the inherent risk and uncertainty of recovery in these identified accounts.
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