IDBI Bank rose 2.81% to Rs 40.3 after the bank reported a standalone net profit of Rs 324.40 crore in Q2 September 2020 compared with net loss of Rs 3,458.84 crore in Q2 September 2019.
Total income fell 7.54% to Rs 5,761.06 crore in Q2 September 2020 from Rs 6,231.02 crore in Q2 September 2019. The result was announced during market hours today, 23 October 2020.
IDBI posted a pre-tax profit of Rs 665.05 crore in Q2 September 2020 as against pre-tax loss of Rs 4,631.88 crore in Q2 September 2019. The bank made total tax provision of Rs 340.65 crore in second quarter of FY21.
The bank's gross non-performing assets (NPAs) stood at Rs 41,090.53 crore as on 30 September 2020 as against Rs 44,475.20 crore as on 30 June 2020 and Rs 52,052.78 crore as on 30 September 2019. The ratio of gross NPAs to gross advances stood at 25.08% as on 30 September 2020 as against 26.81% as on 30 June 2020 and 29.43% as on 30 September 2019. The ratio of net NPAs to net advances stood at 2.67% as on 30 September 2020 as against 3.55% as on 30 June 2020 and 5.97% as on 30 September 2019.
The bank's provisions and contingencies slumped 89% to Rs 581.15 crore in Q2 September 2020 over Q2 September 2019. The bank has made COVID-19 related provision of Rs 247 crore in March 2020 quarter and Rs 189 crore in June 2020 quarter (cumulative COVID 19 related provision of Rs 436 crore as at 30 September 2020). IDBI Bank's provision coverage ratio stood at 95.96% in Q2 September 2020.
IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.
As on 30 September 2020, the Government of India holds 47.11% stake, while Life Insurance Corporation of India held 51% stake in the IDBI Bank.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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