IDBI Bank records PAT of Rs 603 crore in Q1 FY22

IDBI Bank reported a standalone net profit of Rs 603 crore in Q1 FY22 as against a net profit of Rs 144 crore in Q1 FY21.

Total income rose 11.1% to Rs 6,554.95 crore in Q1 FY22 over Q1 FY21.

While the bank's net profit as risen by 18%, total income has declined by 5.9% in Q1 FY22 as compared with Q4 FY21.

Net Interest Income (NII) increased by 41% YoY to Rs 2,506 crore in the first quarter. Net Interest Margin (NIM) was at 4.06% as on 30 June 2021 as compared with 2.81% as on 30 June 2020.

Operating profit rose 2.09 times to Rs 2,776 crore in Q1 FY22 from Rs 1,326 crore in Q1 FY21.

Provisions & Contingencies increased by 97% to Rs 1,752 crore in Q1 FY22 from Rs 888 crore in Q1 FY21. The bank has made a provision of Rs 199 crore for NPAs during the quarter.

Provision Coverage Ratio (including technical write-offs) improved to 97.42% as on 30 June 2021 from 94.71% as on 30 June 2020 and 96.90% as on 31 March 2021.

As on 30 June 2021, the bank had COVID-19 related provisions of Rs 863 crore (other than provisions held for restructuring under COVID-19 norms). The provision made by the bank is more than minimum required as per the RBI guidelines.

The bank's gross non-performing assets (NPAs) were Rs 35,594 crore as on 30 June 2021 as against Rs 44,475 crore as on 30 June 2020 and Rs 36,212 crore as on 31 March 2021.

The ratio of gross NPAs to gross advances stood at 22.71% as on 30 June 2021 as against 26.81% as on 30 June 2020 and 22.37% as on 31 March 2021.

The ratio of net NPAs to net advances stood at 1.67% as on 30 June 2021 as against 3.55% as on 30 June 2020 and 1.97% as on 31 March 2021.

While the bank's deposits rose by 1% to Rs 2,22,381 crore, gross advances declined by 6% to Rs 1,56,698 crore in as on 30 June 2021 as compared with 30 June 2020.

Tier 1 improved to 13.64% as on 30 June 2021 as against 10.59% as on 30 June 2020 and 13.06% as on 31 March 2021.

CRAR improved to 16.23% as on 30 June 2021 as against 13.37% as on 30 June 2020 and 15.59% as on 31 March 2021.

IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers. The Government of India and the Life Insurance Corporation of India held 45.48% and 49.24% stake, respectively.

The scrip shed 0.26% to currently trade at Rs 37.90 on the BSE.

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