IDBI Bank Ltd on Friday reported a 53 percent jump in standalone net profit at Rs 578 crore for the third quarter ended December. In the corresponding quarter last year, the LIC-owned bank posted a standalone net profit of Rs 378 crore.

However, total income fell to Rs 5,772.86 crore during the quarter compared to Rs 6,003.91 crore in the same period of 2020-21, the private sector lender said in a statement.

The bank’s net interest income rose by 31 percent to Rs 2,383 crore during the reported quarter as against Rs 1,817 crore in the year-ago period. Net Interest Margin (NIM) improved by 86 basis points to 3.65 percent as compared to 2.79 percent in Q3 of the previous fiscal, it said.

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The lender’s stressed assets ratio also improved, with gross non-performing assets (NPAs) declining to 20.56 percent of gross loans as of December 31, 2021, against 23.52 percent a year ago. Net NPAs improved to 1.70 percent from 1.94 percent.

Provisions for bad loans and contingencies stood at Rs 801.81 crore for the December quarter, as against Rs 867.97 crore earlier. As of December 31, 2021, the bank had COVID-19 related provisions of Rs 863 crore, other than provisions held for restructuring under the pandemic norms, it said.

Shares of IDBI Bank ended at Rs 48.70, down by Rs 1.85, or 3.66 percent on the BSE.

(Edited by : Jomy Jos Pullokaran)

First Published:Jan 21, 2022 4:59 PM IST