New Delhi (Anish Yande): IDBI Bank announced its results for the quarter ended March 2021. Shares of the state-owned lender had closed at Rs 36.20 per share on May 3. Shares of IDBI Bank surged to an intraday high of Rs 38 per share after opening at Rs 37.35 per share on Tuesday's trading session.
IDBI Bank March quarter results:
IDBI Bank reported a net profit of Rs 135 crore in the March quarter of FY20. The net profit of the state-owned lender grew to Rs 512 crore in the quarter ended March 31, 2021. The bank's net profit grew by 3.40 percent YoY.
The bank's operating profit was at Rs 1,874 crore in the March quarter of 2020. The operating profit of IDBI Bank rose to Rs 2879 crore in the March quarter of 2021, at an increase of 53.6% YoY.
The net interest income (NII) of IDBI Bank was posted at Rs 2356 crore in the March quarter of FY20. IDBI Bank's net interest income rose to Rs 3240 crore in the quarter ended March 2021. The NII rose by 37.5% on a year-on-year basis.
Income of IDBI Bank decline in March quarter:
Income for the fiscal year 2020 was at Rs 25,295 crore declining to Rs 24,557 crore in FY21. Net interest margin rose by 5.14% to 134 bps on quarter ended March 31, 2021, as compared to 3.80% as to quarter ended on 31 March 2020.
Deposits of the bank rose by 6.6 percent year-on-year to Rs 2.8 lakh crore in March quarter 2021.
IDBI Bank received Rs 2,305 crore in tax refunds which consisted of Rs 1,300 crores in interest. The interest part was utilized for accelerated provisions amounting to Rs 800 crore and provisions for Covid-cases amounting to Rs 500 crore.
Gross non-performing assets (NPAs) were at Rs 37,559.39 in the quarter ended March quarter 2020. The gross non-performing assets were recorded at Rs 36,211.95 crore in the quarter ended March quarter 2021.
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