May 28, 2024

IDBI Bank Financial Results for Q2 of FY 2023

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Highlights for Q2 of FY 2023

*     Net profit at ₹828 crore, growth of 46% YoY and 10% QoQ. 

*     Operating Profit at ₹2,208 crore, growth of 64% YoY and 8% QoQ.

*     NII stood at ₹2,738 crore, growth of 48% YoY and 10% QoQ.

*     NIM at 4.37%, growth of 135 bps YoY and 35 bps QoQ.

*     Cost to Income Ratio at 42.29%, reduction of 1014 bps YoY and 115 bps QoQ.

*     CASA ratio at 56.19%, growth of 156 bps YoY and 54 bps  QoQ.

*     Return on Assets (ROA) at 1.09%, growth of 30 bps YoY and 6 bps QoQ.

*     Return on Equity (ROE) at 15.21%, growth of 230 bps YoY and 41 bps QoQ.

*     Net NPA at 1.15%, reduction of 56 bps YoY and 10 bps QoQ.

*     Gross NPA at 16.51%, reduction of 534 bps YoY and 339 bps QoQ.

*     PCR stood at 97.86% as against 97.27% on Sept 30, 21 and 97.79% on June 30, 22.

Operating Performance:

§  Net Profit improved by 46% for Q2-2023 to ₹828 crore as against net profit of ₹567 crore for Q2-2022. Net Profit for Q1-2023 was ₹756 crore.

§  PBT improved by 85% for Q2-2023 to ₹1,437crore as against ₹775 crore for Q2-2022. PBT for Q1-2023 was ₹1,093 crore.

§  Operating profit improved by 64% for Q2-2023 to ₹2,208 crore as against ₹1,346 crore for Q2-2022. Operating profit was at ₹2,052 crore for Q1-2023.

§  Net Interest Income improved by 48% for Q2-2023 ₹2,738 crore as against ₹1,854 crore for Q2-2022. NII stood ₹2,488 crore for Q1-2023.

§  Net Interest Margin (NIM) stood at 4.37% (4.22% excluding interest on IT refund) for Q2-2023 as compared to 3.02% for Q2-2022. NIM stood at 4.02% (3.73% excluding interest on IT refund) for Q1-2023.

§  Cost of Deposit reduced by 16 bps to 3.44% for Q2-2023 as compared to 3.60% for Q2-2022. Cost of deposit stood at 3.36% for Q1-2023.

§  Cost of Funds reduced by 16 bps to 3.72% for Q2-2023 as compared to 3.88% for Q2-2022. Cost of funds stood at 3.61% for Q1-2023.

Business Growth

§  CASA increased to ₹1,29,407 crore as on September 30, 2022 as against ₹1,21,995 as on September 30, 2021 (YoY growth of 6%). CASA stood at ₹1,25,356 crore as on June 30, 2022.

§  Share of CASA in total deposits improved to 56.19% as on September 30, 2022 as against 54.63% as on September 30, 2021 and 55.65% as on June 30, 2022.

§  Net advances grew by 17% YoY to ₹1,46,752 crore as on September 30, 2022.

§  The composition of corporate v/s retail in gross advances portfolio was at 35:65 as on September 30, 2022 as against 37:63 as on June 30, 2022. 

 

 

Asset Quality

§  Gross NPA ratio stood at 16.51% as on September 30, 2022 as against 21.85% as on September 30, 2021. Gross NPA stood at 19.90% as on June 30, 2022.

§  Net NPA ratio improved to 1.15% as on September 30, 2022 as against 1.71% as on September 30, 2021. Net NPA ratio stood at 1.25% as on June 30, 2022.

§  Provision Coverage Ratio (including Technical Write-Offs) improved to 97.86% as on September 30, 2022 from 97.27 % as on September 30, 2021. PCR stood at 97.79% as on June 30, 2022.

Capital Position

§  Tier 1 improved to 17.05% as on September 30, 2022 as against 14% as on September 30, 2021 and 17.13% as on June 30, 2022.

§  CRAR improved to 19.48% as on September 30, 2022 as against 16.59 % as on September 30, 2021 and 19.57% as on June 30, 2022.

§  Risk Weighted Assets (RWA) stood at ₹1,57,840 crore as on September 30, 2022 as against ₹1,52,028 crore as on September 30, 2021. Total RWA was ₹1,53,832 crore as on June 30, 2022. Credit Risk weighted assets stood at ₹1,25,250 crore as on September 30, 2022 as against ₹1,20,644 crore as on September 30, 2021. Credit RWA was ₹1,21,798 crore as on June 30, 2022.