IDBI Bank net profit dips 6.3% on higher provisions

Public sector lender IDBI Bank reported a 6.3 per cent drop in its net profit to Rs 483.5 crore in the second quarter of the current financial year on the back of additional provisioning for pensions.

Public sector lender IDBI Bank reported a 6.3 per cent drop in its net profit to Rs 483.5 crore in the second quarter of the current financial year on the back of additional provisioning for pensions.

Net profit of the bank was at Rs 516 crore in the same period last fiscal.

Total income of the bank rose 9.5 per cent to Rs 6,880 crore in the July-September period against Rs 6,282 crore reported in the year-ago period,the bank said in a statement last evening.

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According to the bank,total business during the period registered a 5 per cent rise to Rs 3,46,457 crore against Rs 3,29,916 crore reported a year earlier.

While deposits rose 3 per cent to Rs 1,80,087 crore,advances grew 7 per cent to Rs 1,66,370 crore during this period.

During the quarter,the bank witnessed rise in both gross NPA and net NPA. While the gross NPA jumped to 3.45 per cent from 2.47 per cent a year,net NPA rose to 2.04 per cent from 1.57 percent a year ago.

The bank’s capital adequacy ratio stood at 13.91 per cent by the end of September quarter.

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