IDBI Q1 net up 78% at Rs 241 crore

IDBI Bank posted a net profit of Rs 241.1 crore in the April-June period, up from the Rs 135.18 crore posted in the same period last year, up 78.4%.

On a sequential basis, the company posted a net profit this time, compared to a Rs 1,735.81 crore loss posted in the previous quarter. 

The total income of the bank also grew to Rs 8,219.43 crore, up from the Rs 7,903.37 crore posted in the same period last year, up 3.9%.

Sequentially, the bank's total income was slightly down from the Rs 8,274.58 crore posted in the same period in the Jan-Mar quarter. 

IDBI Bank's percentage of gross NPA and net NPA went up both, on year and on a sequential basis. 

In the April-June quarter, percentage of gross NPAs was 11.92%, up from 10.98% in the previous quarter and 6.64% in the year ago period. 

Similarly, IDBI Bank's percentage of net NPAs were up at 7.47%, up from 6.78% from the previous quarter and up from 3.18% from the same period last year. 

In a statement, the bank said, "during the quarter ended June 30, 2016, the Bank has made provision of Rs 523 crore in respect of certain restructured cases (appearing in the RBI AQR list), Rs 561 crore in respect of Strategic Debt Restructuring (SDR) cases and Rs 161 crore for the balance amount of loss on the same of assets to ARCs which was otherwise allwoed to be made in phased manner till March 31, 2017 in terms of RBI instructions/ guidelines. 

The Bank's shares closed up 2.4% at Rs 68.35 per share.