Net profit for state-owned IDBI Bank remained mostly flat for the quarter ended September 30, earnings data released on Wednesday showed. The bank’s net profit for the fiscal second quarter stood at Rs 119.5 crore, compared with Rs 118.49 crore for the corresponding quarter a year earlier.
Net interest income, the difference between interest earned and interest expended, for the bank rose by 14.6 percent to Rs 1,611.8 crore from Rs 1,406.2 crore a year earlier.
In absolute terms, gross Non-performing assets (NPAs) were up 27.7 percent year-on-year to Rs 14,758 crore and net NPAs were up 19 percent year-on-year to Rs 6,476.8 crore, in the three-month period.
Shares of IDBI Bank edged down 0.12 percent to Rs 84.5 rupees in late afternoon trade on BSE, after the earnings were announced. It closed at Rs 84.8, up 0.24%.
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