New Delhi. IDBI Bank, controlled by Life Insurance Corporation of India, on Wednesday released the results of the first quarter of the current financial year. The bank’s net profit on a standalone basis jumped four times to Rs 603.30 crore in the first quarter April-June of the current financial year 2021-22.
The profit of IDBI Bank has increased mainly due to reduction in bad loans. The bank had earlier made a net profit of Rs 144.43 crore in the first quarter of the financial year 2020-21. IDBI Bank said in the information given to the stock exchanges that its total income for the quarter ended June 2021 was Rs 6,554.95 crore as against Rs 5,901.02 crore in the same quarter a year ago.
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Decline in NPAs
The asset quality of the bank has improved. Gross NPAs as a percentage of total debt declined to 22.71 per cent in the quarter under review from 26.81 per cent in June 2020 a year ago. Net NPAs stood at 1.67 per cent during this period as against 3.55 per cent in the June quarter of 2020-21 a year ago. The bank’s NPAs and emergency provisions increased to Rs 1,751.80 crore in the quarter ended June 2021 from Rs 888.05 crore in the first quarter of 2020-21 a year ago.
Recently IDBI Bank has changed the interest rates on FD
Recently, IDBI Bank has made some changes in the interest rates of fixed deposits. The interest rates on FDs in the bank for a maturity period of 7 days to 20 years have come in the range of 2.7 to 4.8 percent. The interest rates on IDBI Bank FDs for senior citizens are in the range of 3.2% to 5.3% per cent. The bank offers an additional 50 bps interest rate for all tenures to senior citizens.
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