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IDBI Bank reported a 28 per cent decline in net profit at Rs 554 crore on the back of slower loan growth and higher bad loans.
The public sector lender has posted a net profit of Rs 771 crore in the fourth quarter ended March, 2012.
Net interest income (difference between interest earned and expended) increased to Rs 1,440 crore, up 19 per cent from Rs 1,211 crore in the year ago period.
For the full year ended, the bank’s net profit was down by seven per cent to Rs 1,882 crore in FY13 as compared with Rs 2,032 crore in FY12.
NII increased by 18 per cent to Rs 5,373 crore for the year under review from Rs 4,545 crore last fiscal.
Gross non performing assets (NPA) increased to 3.22 per cent from 2.69 per cent last year. Net NPA declined marginally to 1.58 per cent this fiscal from 1.61 per cent as on March end, 2012.
As on March 31, 2013, total advances grew slower at 9 per cent to Rs 1.96 lakh crore, while deposits grew by 8 per cent to Rs 2.27 lakh crore.
The shares of IDBI Bank ended 1.49 per cent higher at Rs 88.35 per share on the Bombay Stock Exchange.
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