IDBI Bank's net profit surged 62% to Rs 516 crore in the fourth (January-March) quarter as against Rs 318 crore on a year-on-year (YoY) basis. Its net interest income (NII) was up by 46% at Rs 1,109 crore versus Rs 760 crore, YoY.
Numbers were better-than-expectations. CNBC-TV18 was expecting net interest income (NII) of Rs 1220 crore and profit after tax of Rs 455 crore.
The bank's other income also rose to Rs 676 crore versus Rs 545 crore a year ago, while its provisions dropped to Rs 282 crore as compared to Rs 542 crore, YoY.
Gross non-performing asset (NPA) increased at 1.76% as against 1.53% on year-on-year basis while declined compared to 2.22% on quarter-on-quarter basis.
Net NPA too went up at 1.06% as against 1.02% on YoY basis and went down compared to 1.2% on QoQ basis.
For the financial year 2010-11, NII shot up 92% to Rs 4329 crore from Rs 2256 crore and PAT jumped 60% at Rs 1650 crore versus Rs 1031 crore.
Other income declined 9% to Rs 2083 crore from Rs 2301 crore. Provisions increased to Rs 1876 crore as against Rs 1681 crore.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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