IDBI Bank reports Net Profit at ₹567 crore, YoY growth of 75% CRAR stood at 16.59%, YoY growth of 292 bps

25-10-2021

Mumbai : The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today and approved the financial results for the Quarter ended September 30, 2021.

Operating Performance

Net Profit reported for Q2-2022 is ₹567 crore as against net profit of ₹324 crore for Q2-2021.
PBT improved by 17% for Q2-2022 to ₹775 crore as against ₹665 crore for Q2-2021.
Operating profit improved by 15% for Q2-2022 to ₹1,209 crore as against ₹1,054 crore for Q2-2021.
Net Interest Income (NII) improved by 9% for Q2-2022 to ₹1,854 crore as against ₹1,694 crore for Q2-2021.
Net Interest Margin (NIM) improved by 32 bps to 3.02% for Q2-2022 as compared to 2.70% for Q2-2021.
Cost of Deposit improved by 81 bps to 3.60% for Q2-2022 as compared to 4.41% for Q2-2021 and 3.72% for Q1-2022.
Cost of Funds improved by 85 bps to 3.88% for Q2-2022 as compared to 4.73% for Q2-2021 and 3.98% for Q1-2022.

Business Growth

CASA increased to ₹1,22,012 crore as on September 30, 2021 as against ₹1,08,217 crore as on September 30, 2020 and ₹1,16,609 crore as on June 30, 2021 (YoY growth of 13%).
Share of CASA in Total Deposits improved to 54.64% as on September 30, 2021 as against 48.33% as on September 30, 2020 and 52.44% as on June 30, 2021.
The composition of Advances portfolio Corporate V/s Retail was realigned to 37:63 as on September 30, 2021 as against 42:58 as on September 30, 2020.

Asset Quality

Gross NPA ratio improved to 20.92 % as on September 30, 2021 as against 25.08% as on September 30, 2020. Gross NPA stood at 21.48% as on June 30, 2021.
Net NPA ratio improved to 1.62% as on September 30, 2021 as against 2.67% as on September 30, 2020 and 1.56% as on June 30, 2021.
Provision Coverage Ratio (including Technical Write-Offs) improved to 97.27% as on September 30, 2021 from 95.96 % as on September 30, 2020. PCR stood at 97.42% as on June 30, 2021.
Recovery from write off accounts improved to ₹137 crore in Q2-2022 as against ₹57 crore in Q2-2021. Recovery from write off account was ₹331 crore in Q1-2022.

Capital Position

Tier 1 improved to 14% as on September 30, 2021 as against 11.06% as on September 30, 2020 and 13.64% as on June 30, 2021.
CRAR improved to 16.59 % as on September 30, 2021 as against 13.67% as on September 30, 2020 and 16.23% as on June 30, 2021.
Risk Weighted Assets (RWA) reduced by 3% to ₹1,52,028 crore as on September 30, 2021 as against ₹1,57,323 crore as on September 30, 2020. Credit Risk weighted assets reduced by 6% to ₹1,20,644 crore from ₹1,28,087 crore as on September 30, 2020.

Significant Developments for the quarter ended September 30, 2021

IDBI Bank is one amongst the early entrants on the Government e-Marketplace (GeM), GeM Sahay, which offers frictionless financing to MSMEs, therefore enabling market access to seller groups on the GeM platform. This will enable the Bank to extend support to MSMEs in line with Government of India’s ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives.
With a view to harness the power of financial information on a real time basis for better access for various use cases, the Bank has tied up with major Account Aggregators (AA) ecosystem including NECL Asset Data Ltd (NADL), one of India’s leading account aggregation platforms,.
IDBI Bank has entered into an agreement with Government of India’s Common Services Centre (CSC) and on- boarded 1001 Village Level Entrepreneurs (VLEs). The VLEs outlets will provide basic banking services like Opening of Savings Bank accounts, Cash Deposit and Withdrawals, Balance enquiry, Mini Statement, using Aadhaar details of customers.
The Bank received appreciation from the Ministry of Panchayati Raj for its contribution in the smooth implementation of the initiative of connecting all the Panchayats digitally through integration of eGramSwaraj software with Public Financial Management System (PFMS).
ICRA upgraded IDBI Bank’s existing rating to ‘ICRA A+’ from ‘ICRA A’ for Infrastructure Bonds, Flexi Bond, Senior & Lower Tier II Bonds, Subordinate debt and ‘ICRA A+’ from ICRA A(Hyb)’ for Basel III Tier II Bonds, “ICRA A’ from ICRA BBB+’ for Basel II Upper Tier II Bonds. The outlook for the Bank was kept unchanged as ‘Stable’.
The Bank’s in-house Hindi Magazine ‘Vikas Prabha’ was awarded the “Best in-house Magazine” Citation from ‘Aashirwad’- a renowned literary and cultural organization.

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