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Friday, October 31, 2014

IDBI Bank net dips to Rs. 118 cr on higher employee cost, provisioning

IDBI Bank today said its net profit fell by 38 per cent to Rs. 118.49 crore in the second quarter ended September 30 in the current financial year on higher employee cost and provisioning.

The bank’s net profit during the same quarter a year ago stood at Rs. 192.27 crore.

The bank made provisioning towards bad loans of Rs. 990.47 crore during July-September, 2014—15; up from Rs. 878.72 crore in the same quarter of 2013—14.

Meanwhile, employee cost went up to 497.31 crore during the quarter from Rs. 360.49 crore a year earlier.

“Total income has increased from Rs. 7,114.44 crore to Rs. 7,610.52 crore for the quarter ended September” it said in a BSE filing.

The non-performing assets (NPAs) rose to 5.72 per cent in Q2—FY15, from 4.98 per cent year ago.

Net NPAs, however, reduced to 2.79 per cent of total advances as of September 30, from 2.82 per cent year earlier.

IDBI Bank shares closed at Rs. 70.55 apiece on the BSE today, up 3.37 per cent from the previous close.

Source : The Hindu


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