Mumbai, 23rd January 2023 (GNI): The Board of Directors of IDBI Bank Ltd. (IDBI Bank) announced their Financial Results for Q3 of FY 2023 in Mumbai today and approved the financial results for the Quarter ended December 31, 2022 – photo by Sumant Gajinkar GNI
IDBI Bank – Financial Results for Q3 of FY 2023
Net Profit surges to all time high at ₹927 crore, YoY growth of 60%,
Operating profit at ₹2,051 crore, YoY growth 16%
Highlights for Q3 of FY 2023
- Net profit at ₹927 crore, growth of 60% YoY and 12% QoQ.
- Operating Profit at ₹2,051 crore, growth of 16% YoY.
- NII stood at ₹2,925 crore, growth of 23% YoY and 7% QoQ.
- NIM at 4.59%, growth of 71 bps YoY and 22 bps QoQ.
- Cost to Income Ratio at 45.76%, reduction of 404 bps YoY.
- CASA to Total Deposit Ratio stood at 54.44%.
- Return on Assets (ROA) at 1.22%, growth of 41 bps YoY and 13 bps QoQ.
- Return on Equity (ROE) at 15.79%, growth of 313 bps YoY and 58 bps QoQ.
- Net NPA at 1.07%, reduction of 74 bps YoY and 8 bps QoQ.
- Gross NPA at 13.82%, reduction of 786 bps YoY and 269 bps QoQ.
- PCR stood at 98% as against 97.10% on December 31, 2021 and 97.86% on September 30, 2022.
Operating Performance:
- Net Profit improved by 60% for Q3-2023 to ₹927 crore as against net profit of ₹578 crore for Q3-2022. Net Profit for Q2-2023 was ₹828 crore.
- PBT improved by 31% for Q3-2023 to ₹1,267 crore as against ₹966 crore for Q3-2022. PBT for Q2-2023 was ₹1,437 crore.
- Operating profit improved by 16% for Q3-2023 to ₹2,051 crore as against ₹1,768 crore for Q3-2022. Operating profit was at ₹2,208 crore for Q2-2023.
- Net Interest Income improved by 23% for Q3-2023 to ₹2,925 crore as against ₹2,383 crore for Q3-2022. NII stood ₹2,738 crore for Q2-2023.
- Net Interest Margin (NIM) improved to 4.59% (4.56% excluding interest on IT refund) for Q3-2023 as compared to 3.88% (3.31% excluding interest on IT refund) for Q3-2022. NIM stood at 4.37% (4.22% excluding interest on IT refund) for Q2-2023.
- Cost of Deposit increased marginally by 2 bps to 3.52% for Q3-2023 as compared to 3.50% for Q3-2022. Cost of deposit stood at 3.44% for Q2-2023.
- Cost of Funds increased marginally by 3 bps to 3.82% for Q3-2023 as compared to 3.79% for Q3-2022. Cost of funds stood at 3.72% for Q2-2023.
Business Growth
- CASA increased to ₹1,26,663 crore as on December 31, 2022 as against ₹1,21,732 as on December 31, 2021 (YoY growth of 4%). CASA stood at ₹1,29,407 crore as on September 30, 2022.
- Share of CASA in total deposits reduced marginally to 54.44% as on December 31, 2022 as against 54.69% as on December 31, 2021 and 56.19% as on September 30, 2022.
- Net advances grew by 17% YoY to ₹1,48,213 crore as on December 31, 2022 as against ₹1,26,372 as on December 31, 2021.
- The composition of corporate v/s retail in gross advances portfolio was at 33:67 as on December 31, 2022 as against 37:63 as on December 31, 2021. It stood at 35:65 as on September 30, 2022.
Asset Quality
- Gross NPA ratio improved to 13.82% as on December 31, 2022 as against 21.68% as on December 31, 2021. Gross NPA stood at 16.51% as on September 30, 2022.
- Net NPA ratio improved to 1.07% as on December 31, 2022 as against 1.81% as on December 31, 2021. Net NPA ratio stood at 1.15% as on September 30, 2022.
- Provision Coverage Ratio (including Technical Write-Offs) improved to 98% as on December 31, 2022 from 97.10 % as on December 31, 2021. PCR stood at 97.86% as on September 30, 2022.
Capital Position
- Tier 1 improved to 17.60% as on December 31, 2022 as against 14.13% as on December 31, 2021 and 17.05% as on September 30, 2022.
- CRAR improved to 20.14% as on December 31, 2022 as against 16.75% as on December 31, 2021 and 19.48% as on September 30, 2022.
- Risk Weighted Assets (RWA) stood at ₹1,55,036 crore as on December 31, 2022 as against ₹1,51,113 crore as on December 31, 2021. Total RWA was ₹1,57,840 crore as on September 30, 2022. Credit Risk weighted assets stood at ₹1,20,873 crore as on December 31, 2022 as against ₹1,19,911 crore as on December 31, 2021. Credit RWA was ₹1,25,250 crore as on September 30, 2022.ends GNI SG
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