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Higher provisioning, increase in non-performing assets (NPAs) and slower credit growth tempered the net profit for IDBI Bank by 6 per cent in the July-September quarter at Rs 484 crore.
The public sector bank had posted a net profit of Rs 516 crore in the corresponding quarter last year.
Provisioning during the quarter increased by 59 per cent to Rs 495 crore against Rs 312 crore in the corresponding period last year.
Net interest income (the difference between interest earned and expended) grew 11 per cent to Rs 1,249 crore (from Rs 1,122 crore). ‘Other income’ rose 45 per cent to Rs 683 crore, from Rs 471 crore in the year-ago period.
Year-on-year, advances increased by 7 per cent to Rs 1.66-lakh crore, while deposits rose marginally by 3 per cent to Rs 1.80-lakh crore as on September 30, 2012.
The bank’s NPAs increased significantly during the quarter with gross NPAs rising to 3.45 per cent from 2.47 per cent as on September 30, 2011. Further, percentage of net NPAs jumped to 2.04 (1.57).
The capital adequacy ratio stood at 13.91 per cent (13.34 per cent).
The shares of IDBI Bank recovered from yesterday’s lows to close higher by 0.81 per cent at Rs 92.85 on the Bombay Stock Exchange.
IDBI Bank has decided to reduce its interest rates on new floating rate home loans above Rs 30 lakh by 25 basis points (bps). Loans up to Rs 75 lakh would now be available at Base Rate (BR), which is currently at 10.50 per cent per annum.
On loans above Rs 75 lakh, the rate is BR plus 25 bps.
Further, interest on the Home Loan Interest Saver (HLIS) product would go down by 25 bps across all loan slabs, subject to minimum of Base Rate, the bank said in a statement.
The revised rates will come into effect from November 1, 2012.
The bank has also decided to reduce the Retail Term Deposit Rates by between 25-50 bps in seven maturity buckets having maturity of ‘270 days up to 20 years’.
Effective October 1, 2012, the bank had introduced a new maturity bucket “above 10 years up to 20 years” for deposits up to Rs 1 crore.
beena.parmar@thehindu.co.in
The public sector bank had posted a net profit of Rs 516 crore in the corresponding quarter last year.
Provisioning during the quarter increased by 59 per cent to Rs 495 crore against Rs 312 crore in the corresponding period last year.
Net interest income (the difference between interest earned and expended) grew 11 per cent to Rs 1,249 crore (from Rs 1,122 crore). ‘Other income’ rose 45 per cent to Rs 683 crore, from Rs 471 crore in the year-ago period.
Year-on-year, advances increased by 7 per cent to Rs 1.66-lakh crore, while deposits rose marginally by 3 per cent to Rs 1.80-lakh crore as on September 30, 2012.
The bank’s NPAs increased significantly during the quarter with gross NPAs rising to 3.45 per cent from 2.47 per cent as on September 30, 2011. Further, percentage of net NPAs jumped to 2.04 (1.57).
The capital adequacy ratio stood at 13.91 per cent (13.34 per cent).
The shares of IDBI Bank recovered from yesterday’s lows to close higher by 0.81 per cent at Rs 92.85 on the Bombay Stock Exchange.
IDBI Bank has decided to reduce its interest rates on new floating rate home loans above Rs 30 lakh by 25 basis points (bps). Loans up to Rs 75 lakh would now be available at Base Rate (BR), which is currently at 10.50 per cent per annum.
On loans above Rs 75 lakh, the rate is BR plus 25 bps.
Further, interest on the Home Loan Interest Saver (HLIS) product would go down by 25 bps across all loan slabs, subject to minimum of Base Rate, the bank said in a statement.
The revised rates will come into effect from November 1, 2012.
The bank has also decided to reduce the Retail Term Deposit Rates by between 25-50 bps in seven maturity buckets having maturity of ‘270 days up to 20 years’.
Effective October 1, 2012, the bank had introduced a new maturity bucket “above 10 years up to 20 years” for deposits up to Rs 1 crore.
beena.parmar@thehindu.co.in
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