Public sector IDBI Bank has reported a 34 per cent rise in net income to Rs 335.10 crore for the quarter to June period as against a net profit of Rs 250.89 crore in the same period of last year. This was driven by a rise in interest income and interest margin,despite advances growing at slower pace of 15 per cent as compared to the previous quarter. Net interest income (NII) jumped by a higher 36 per cent to Rs 1,152 crore from Rs 844 crore q-o-q. Net interest margin (NIM) increased to 2.07 per cent during the quarter under review,as against 1.61 per cent in the same period last fiscal. Advances grew at moderate 15 per cent during the quarter to Rs 1,54,984 crore against Rs 1,35,329 crore in January-March of this year,while deposits rose 12 per cent to Rs 1,76,282 crore,against Rs 1,57,204 crore quarter-on-quarter. Total income rose to Rs 6,059 crore from Rs 4,755 crore in the same quarter of last year. Following the recent RBI guidelines on higher provisioning for non-performing assets and standard restructured advances,the bank made an additional provisioning of Rs 279.60 crore during the quarter. Total assets of the bank grew 11 per cent to Rs 2,49,571 crore and overall business rose 13 per cent to Rs 3,31,266 crore during the quarter. Following the recent RBI guidelines on higher provisioning for non-performing assets and standard restructured advances,the bank made an additional provisioning of Rs 279.60 crore during the quarter. The banks capital adequacy ratio or CAR stood at 13.83 per cent while the core or tier-I capital stood at 8.11 per cent at the end of the quarter.
