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IDBI Bank has posted 75.06 per cent drop in net profit at Rs 103.9 crore for the third quarter ended December 2013 on higher provisioning for stressed advances and moderation in fee income.
The net profit for October-December 2012 was Rs 416.7 crore. The total income for reporting quarter (Q3 of FY14) rose marginally to Rs 7,149.88 crore as against Rs 7,070.19 crore in Q3 of 2012-13.
P Sitaram, IDBI Bank chief financial officer, said there was moderation in fee income and the provisions were higher for non-performing assets and restructured loans.
The other income comprising fee and commissions declined to Rs 532.06 crore in Q3 of FY14 from Rs 869.83 crore in Q3 of FY13.
The provisions (for NPAs and restructured loans) rose to Rs 1,033 crore in Q3 of FY14 from Rs 962 crore in Q3 of FY13.
Its gross non-performing assets stood at Rs 10,012 crore at end December 2013 from Rs 6,401 crore (December 2012).
Sitaram said the bank restructured loans worth Rs 768 crore in Q3. The total restructured loan book was Rs 15,449 crore at end of December 2013. Its capital adequacy stood at 12.71 per cent at the end of December 2013.
