IDBI Bank’s Profit Takes A Hard Knock In Second Quarter

IDBI Bank Ltd.'s profit more than halved in the July to September quarter . Net profit fell 53 percent year-on-year to Rs 55 crore from 120 crore in the year-ago period.

Interest earned for the quarter stood at Rs 6,992.80 crore compared with Rs 7,069.86 crore reported for in the same quarter last year. Net interest income saw 0.4 percent de-growth on a year-on-year basis to Rs 1,606 crore.

Asset quality for the bank deteriorated further with gross non-performing assets rising to 13.05 percent compared to 11.92 percent in the previous quarter. Net non-performing assets also rose to 8.32 percent from 7.47 percent in the quarter-ended June.

Provisions for bad loans spiked 38 percent to Rs 920 crore compared to Rs 666 crore in the previous quarter.

Shares of the bank fell as much as 4.57 percent to Rs 73.15 on the National Stock Exchange.