IDBI Bank reported a 75% rise in its net profit for Q2FY22 on YoY basis

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New Delhi: IDBI Bank on Thursday reported a rise of 75 percent in its net profit for Q2FY22 on a year-on-year basis. The bank’s net profit rose to Rs 567 crore as against Rs 324 crore reported for Q2FY21.

“Operating profit improved by 15 percent for Q2-2022 to Rs 1,209 crore as against Rs 1,054 crore for Q2- 2021,” the bank said in a statement.

Net Interest Income improved by 9 percent for Q2FY22 to Rs 1,854 crore as against Rs 1,694 crore for Q2 2021. “Net Interest Margin improved by 32 bps to 3.02 percent for Q2-2022 as compared to 2.70 percent for Q2-2021.”

The Gross NPA stood at 21.48 percent as of June 30, 2021.

“Net NPA ratio improved to 1.62 percent as on September 30, 2021, as against 2.67 percent as on September 30, 2020, and 1.56 percent as on June 30, 2021.”

“Recovery from write-off accounts improved to Rs 137 crore in Q2-2022 as against Rs 57 crore in Q2-2021. Recovery from write off count was Rs 331 crore in Q1 – 2022