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Highlights for Q3 FY 2024

*  Net profit at ?1,458 crore, YoY growth of 57%.

*  Operating Profit at ?2,327 crore, YoY growth of 13%.

* NIM at 4.72%, YoY growth of 13 bps

*  Cost of Deposit stood at 4.34%, YoY growth by 83 bps.

*  CRAR stood at 20.32% with YoY growth of 18 bps.

*  Return on Assets (ROA) stood at 1.70%, YoY growth of 48 bps.

*  Return on Equity (ROE) stood at 19.57%, YoY growth of 361 bps.

*  Net NPA stood at 0.34%, down by 74 bps on YoY basis.

*  Gross NPA stood at 4.69%, down by 913 bps on YoY basis.

* PCR stood at 99.17%, increased by 119 bps on YoY basis.

Operating Performance for Q3 of FY 2024

*  Net Profit improved by 57% for Q3-2024 to ?1,458 crore as against net profit of ?927 crore for Q3-2023.

*  PBT improved by 58% for Q3-2024 to ?2,007 crore as against ?1,267 crore for Q3-2023.

*  Operating profit improved by 13% for Q3-2024 to ?2,327 as against ?2,051 crore for Q3-2023.

*  Net Interest Income improved by 17% for Q3-2024 to ?3,435 crore as against ?2,925 crore for Q3-2023.

*  Net Interest Margin (NIM) stood at 4.72% for Q3-2024 as compared to 4.59% for Q3-2023.

*  Cost of Deposit stood at 4.34% for Q3-2024 as compared to 3.51% for Q3-2023.

*  Cost of Funds stood at 4.60% for Q3-2024 as compared to 3.82% for Q3-2023.

*  Cost to income ratio stood at 47.22% for Q3-2024.

Business Growth

* Net advances grew by 18% YoY to ?1,75,001 crore as on December 31, 2023 as against ?1,48,384 crore as on December 31, 2022.

*  The composition of corporate v/s retail in gross advances portfolio was at 29:71 as on December 31, 2023 as against 33:67 as on December 31, 2022.

*  Total Deposits grew by 11% YoY to ?2,58,525 crore as on December 31, 2023 as against ?2,32,671 crore as on December 31, 2022.

Asset Quality

*  Gross NPA ratio declined to 4.69% as on December 31, 2023 as against 13.82% as on December 31, 2022.

*  Net NPA ratio declined to 0.34% as on December 31, 2023 as against 1.08% as on December 31, 2022.

*  Provision Coverage Ratio (including Technical Write-Offs) improved to 99.17% as on December 31, 2023 from 97.98% as on December 31, 2022.

Capital Position

*  Tier 1 capital improved to 18.04% as on December 31, 2023 as against 17.60% as on December 31, 2022.

*  CRAR improved to 20.32% as on December 31, 2023 as against 20.14% as on December 31, 2022.

Significant Developments

*  IDBI Bank’s Long term Rating upgraded to AA-/stable from A+ by all rating agencies (CRISIL, ICRA, INDIA Ratings and Care Ratings).

*  IDBI Bank Ltd. signed a Memorandum of Understanding (MoU) with Maruti Suzuki India Ltd (MSIL) for Inventory Financing. This new alliance will empower 4000+ Maruti Suzuki Dealerships across the country with comprehensive inventory funding options for their Working Capital requirements from IDBI Bank.

*  IDBI Bank was declared winner in “Best Digital Initiatives” and runner-up in “Best Risk and Cyber Security Initiatives” and “Best Product/Service Innovation” in the Mid-Size Bank segment in the 18th Annual Summit & Awards – Banking & Financial Sector Lending Companies organized by ASSOCHAM.

*  IDBI Bank announced going live on Swift India Inter Bank Trade platform, offering seamless transaction capabilities with Bank’s on-boarded corporates.

*  IDBI Bank Ltd- Business Continuity Management System has been certified to the standard of ISO 22301:2019 which is a worldwide recognized certification with accreditation of United Kingdom of Accreditation Services (UKAS).

*  IDBI Bank Ltd entered into an MOU with Kerala State Financial Enterprises (KSFE) on 12th October, 2023 for payment gateway solutions under IDBI Quick iPay for their newly launched Mobile App “KSFE POWER”.

*  Mumbai, January 20, 2024: The Board of Directors of IDBI Bank Ltd. met in Mumbai today and approved the financial results for the Quarter and Nine months ended December 31, 2023.

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