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A robust growth in interest income, a strong growth in margins and lower provisions helped IDBI Bank's net profit rise by 34 per cent to Rs 335 crore during the April to June 2011 period, from Rs 251 crore in the corresponding quarter last year.
The figures of the current period include working results of the two erstwhile wholly owned subsidiaries — IDBI Home Finance and IDBI Gilts —consequent on their merger with the bank with effect from January 1, 2011. Accordingly, the figures of the previous period are not strictly comparable, the bank said in a press release issued on Saturday. In compliance with the recent RBI guidelines on enhanced rates of provisioning for Non-Performing Assets and Standard Restructured Advances, the Bank has made an additional provision of Rs 280 crore during the quarter.
Total provisions decreased to Rs 426 crore (Rs 502 crore).
Gross NPAs increased by 24 per cent to Rs 3,288 crore (Rs 2,640 crore) and net NPAs increased by 20 per cent to Rs 1,933 crore (Rs 1,606 crore).
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