IDBI Bank Witnesses 39% Profit Surge in Q3 2024

IDBI Bank reported a 39% increase in net profit, reaching Rs 1,836 crore for Q3 2024, owing to a boost in interest income. The bank's total income soared to Rs 8,754 crore, with significant improvements in interest margins and asset quality.

IDBI Bank announced a remarkable 39% rise in net profit, amounting to Rs 1,836 crore for the quarter ending September 30, 2024. This surge is attributed to enhanced interest income, demonstrating the financial institution's strong financial performance.

According to the latest regulatory filing, the bank's total income climbed to Rs 8,754 crore in the reviewed quarter, compared to Rs 6,924 crore in the previous year. Net interest income also saw a substantial growth of 26%, reaching Rs 3,875 crore from Rs 3,066 crore in the equivalent quarter of 2023.

With an improved net interest margin of 4.87% and declining net non-performing assets, now at 0.20%, IDBI Bank showcases a sound financial position. Additionally, the Provision Coverage Ratio has appreciated to 99.42%, whilst the bank's Capital Adequacy Ratio now stands at 21.98%, reflecting a continued strengthening of its capital base.

(With inputs from agencies.)