IDBI Bank the fourth quarter net profit rises by 35%

Mumbai: IDBI Bank on Monday said its net profit for the fourth quarter of the financial year 2021-22 rose to Rs 691 crore from Rs 512 crore in the corresponding quarter of the previous year, posting year-on-year growth of 35 per cent.

The bank’s Net Interest Income stood at Rs 2,420 crore for the fourth quarter of 2021-22 as against Rs 3,240 crore recorded for the corresponding quarter of the previous year.

Net Interest Margin (NIM) declined to 3.97 per cent in the Q4 of 2021-22 as against 5.14 per cent in the corresponding quarter of 2020-21.

The Gross NPA ratio improved to 19.14 per cent as on March 31, 2022 as against 22.37 per cent as on March 31, 2021. Gross NPA stood at 20.56 per cent as on December 31, 2021.

Net NPA ratio improved to 1.27 per cent as on March 31, 2022 as against 1.97 per cent as on March 31, 2021 and 1.70 per cent as on December 31, 2021.

The Board of Directors of IDBI Bank Ltd met in Mumbai on Monday and approved the financial results for the quarter and the financial year ended March 31, 2022, IDBI Bank said in a statement.