IDBI Bank posted a net profit of ₹324 crores in Q2

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IDBI Bank announced a net profit of 324 crores for the September quarter, compared to a net loss of 93,459 crores the previous quarter. The institution recorded a 125 percent increase in net profit from the previous quarter, which was 144 crore.

When compared to the same quarter a year earlier, net interest income increased by 4% to 1,695 crores.

The bank’s asset quality improved during the coronavirus epidemic, although it remained high.

As of September 30, 2020, the Gross NPA Ratio was 25.08 percent, down from 29.43 percent on September 30, 2019, and 26.81 percent on June 30, 2020.

As of September 30, 2020, the Net NPA Ratio was 2.67 percent, up from 5.97 percent on September 30, 2019, and 3.55 percent on June 30, 2020.

On September 30, 2020, provision coverage increased to 95.96 percent, up from 91.25 percent on September 30, 2019, and 94.71 percent on June 30, 2020.

In the March 2020 quarter, the bank set aside 247 crores, and in the June 2020 quarter, it set aside 189 crores. As of September 30, 2020, the total COVID-19-related provision was 436 crore. The bank’s provisions are more than the minimum needed under RBI rules.

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