IDBI Bank Q3 Profit jumps 31% YoY; net NPA drops

 

On Monday, January 20, IDBI Bank announced a Rs.1,908.27 crore standalone net profit for the current fiscal year's December quarter (Q3FY25). Compared to a profit of Rs.1,458.18 crore made in the same quarter previous year, the profit number was almost 31% higher. The lender's profit increased by over 4 percent on a quarter-over-quarter (QoQ) basis. The company made Rs.1,836.45 crore in Q3FY25.

In comparison to Rs.7,514.27 crore year-over-year (YoY) and Rs.8,754.54 crore quarter-over-quarter (QoQ), the company's total income for the reviewed quarter was Rs.8,564.92 crore.

Profit before provisions and contingencies, or operating profit, increased 20.43 percent year over year to Rs.2,801.92 crore from Rs.2,326.55 crore in the same quarter of the previous year. On the other hand, operating profit decreased 6.8% on a QoQ basis.

Also Read - Quarterly Results of all banks for Q3FY25

It was Rs.3,006.33 crore in the final quarter of FY25. From Q3FY24's Rs.319.85 crore to Q3FY25's Rs.165.60 crore, provisions and contingencies fell 48.23% year over year. From Rs.555.19 crore in Q2FY25, provisions and contingencies fell 70.2% on a quarterly basis.

The gross non-performing asset (NPA) of IDBI Bank for Q3FY25 was Rs.7,634.75 crore, down 0.24 percent QoQ from Rs.7,653.13 crore and 11.11 percent YoY from Rs.8,589.40 crore. For the quarter, the gross non-performing assets (NPAs) to gross advances ratio was 3.57 percent, which was lower than the quarterly and annual averages of 4.69 and 3.68 percent, respectively.

The bank's net non-performing assets (NPAs) decreased by 9% from quarter to quarter and 38.41% from year to year to Rs.365.46 crore. The net income of the bank in Q3FY24, the bank's net NPA was Rs.593.34 crore; in Q2FY25, it was Rs.401.60 crore.

The percentage of net NPAs to net advances stood at 0.18 per cent for the quarter, down from 0.34 per cent in the same quarter last year and 0.20 per cent in Q2FY25.

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Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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IDBI Bank Q2 results: PAT up 39%

 

IDBI Bank on Friday reported a 39 per cent surge in net profit at Rs 1,836 crore for the quarter ended September 30, 2024 on the back of improvement in interest income.

The LIC-controlled bank had earned a net profit of Rs 1,323 crore in the year-ago period.

Total income rose to Rs 8,754 crore in the quarter under review, from Rs 6,924 crore in the same period a year ago, IDBI Bank said in a regulatory filing.

Net interest income of the bank improved to Rs 3,875 crore in the July-September quarter, from Rs 3,066 crore in the September quarter of 2023, registering a growth of 26 per cent.

Net interest margin increased to 4.87 per cent, from 4.33 per cent at the end of September 2023.

Asset quality of the bank witnessed an improvement with gross non-performing assets (NPAs) rising to 3.68 per cent of gross advances at the end of the September quarter of 2024, as against 4.90 per cent a year ago.

Net NPAs or bad loans also declined to 0.20 per cent, as against 0.39 per cent in the year-ago period.

Capital Adequacy Ratio of the bank increased to 21.98 per cent, from 21.26 per cent at the end of September 2023.

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IDBI Bank's Q4 net profit surge 44%

IDBI Bank on Saturday posted a 44% increase in net profit at Rs 1,628 crore in Q4 of the financial year 2023-24 against Rs 1,133 crore in the same period a year ago.

The private lender's total income increased to Rs 7,887 crore from from Rs 7,014 crore in this period of the fiscal year 2022-23.

In 2022-23, its profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Net Interest Income of the bank increased by 12% in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23.

Net non-performing assets (NPA) ratio was at 0.34 per cent as on March 31, 2024, against 0.92 which was a year ago.

The board of IDBI Bank following the announcement of the quarterly proposed a dividend of 15% subject to shareholders' approval.

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IDBI Bank Q3 net profit jumps 57%

IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income.

The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022.

The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal.

The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022

Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022.

As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal.

Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023.

During the quarter Capital Adequacy Ratio of the bank improved to 20.32 per cent, as compared to 20.14 per cent at the end of December 2022.

The bank has not raised capital during the December quarter and the earlier funds have been fully utilised, it said.

The government, which owns over 45 per cent stake in IDBI Bank, plans to sell its stake in the bank and the process could gather pace next financial year.

Meanwhile, life insurance behemoth LIC, which has a 49.24 per cent shareholding, is keen to hold strategic stake in the bank so that it can enjoy the benefit of bancassurance channel.

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IDBI Bank Q1 Results: Net profit up 62%, asset quality improves

LIC-promoted IDBI Bank on Monday reported a 62 per cent rise in net profit to Rs 1,224 crore in the June quarter due to a decline in bad loans. The bank had posted a net profit of Rs 756 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 7,712 crore, from Rs 5,774 crore in the same period a year ago, IDBI Bank said in a regulatory filing.

Interest earned by the bank improved to Rs 6,860 crore over Rs 4,634 crore in June 2022. Net interest income (NII) increased by 61 per cent to Rs 3,998 crore from Rs 2,488 crore in the same quarter a year ago.

Net Interest Margin (NIM) improved by 178 bps to 5.80 per cent for Q1-2024 as compared to 4.02 per cent for Q1-2023, it said. The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.05 per cent of gross advances at the end of the June quarter, from 19.90 per cent a year ago.

Similarly, net NPAs or bad loans declined to 0.44 per cent, as against 1.26 per cent in the year-ago period. Provision coverage ratio also improved to 98.99 per cent as against 97.78 per cent as on June 30, 2022, it said.

Capital Adequacy Ratio of the bank increased to 20.33 per cent, as compared to 19.57 per cent at the end of June 2022.

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IDBI Bank Q4 results: Net profit rises 64%

Private sector

lender IDBI Bank’s net profit for the March 2023 quarter rose by 64 per cent year-on-year (Y-o-Y) to Rs 1,133 crore on the back of improved net interest margins. The lender recorded an all-time high of net profit of Rs 3,645 crore, which is 49 per cent more than Rs 2,439 crore for FY22. In its regulatory filing, the bank said the profit sequentially increased by 22.2 per cent from Rs 927 crore in December 2022 (Q3FY23). For FY23, the net profit.

Besides, its Net interest income (NII) increased by 35 per cent to Rs 3,280 crore in Q4FY23, as against Rs 2,420 crore in the same quarter last year. Sequentially, NII is up by 12 per cent from Rs 2,925 crore registered in December quarter of FY23.

Net interest margins improved to 5.01 per cent for Q4 FY23 as compared to 3.97 per cent for Q4FY22, and sequentially, 4.59 per cent in Q3 FY23.

IDBI Bank’s board of directors declared a dividend of 10 per cent (Rs one) per share of Rs 10 each for the financial year ended March 2023 (FY23), subject to shareholder’s approval, the bank said in a filing with BSE. It has proposed a dividend after eight years, the bank officials said.  

The bank reported that its provisions steeply rose up to Rs 1,292 crore in the March quarter as compared to Rs 823 crore in Q4 FY22 and Rs 1,124 crore in the December quarter of FY23. Provision Coverage ratio expanded to 97.94 per cent in the quarter under review.

In term of bad loans, the bank said its gross NPA dipped drastically to 6.38 per cent in Q4 FY23 compared to 20.16 per cent in Q4 FY22. Net NPA was below the 1 per cent, to 0.92 per cent in the March 2023 quarter as compared to 1.36 per cent in Q4 of FY22.

Earlier this month it was reported that the Reserve Bank of India (RBI) has been looking into at least five potential bidders keen on picking up a majority stake in IDBI Bank Ltd. Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are some of the names that have submitted expressions of interest, two sources said.

The divestment of IDBI Bank is the first major divestment exercise across state-owned banks as part of Centre’s broader privatisation plan and could fetch it $3.66 billion at the current market valuation. The Union government and LIC together own 94.71 per cent stake in the bank. The government owns 45.48 per cent of IDBI Bank and is planning to divest a 30.48 per cent stake in the bank.

Whereas insurance major Life Insurance Corp of India (LIC) plans to see a 30.24 per cent of its stake from its holding of 49.24 per cent in the bank.

Expressions of interest - the first step in the stake sale process - closed in January, the report said.

The potential bidders have since begun due diligence on the bank, sources said, who added financial bids were likely to be placed later this year.

The RBI is also carrying out a "fit and proper evaluation", including extensive background and financial checks on the potential buyers, a crucial step before an investor is allowed to pick up a stake in a local bank.

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IDBI Bank Q1 Results: Profit rises 25%

 IDBI Bank on Thursday reported a 25 per cent jump in standalone net profit at Rs 756 crore in the June quarter, helped by a decline in bad loans. The LIC-controlled private sector bank had posted a net profit of Rs 603.30 crore in April-June 2021-22.

However, the total income declined to Rs 5,780.99 crore in the first quarter of the current fiscal from Rs 6,554.95 crore in the year-ago period.

The bank's asset quality improved with gross Non-Performing Assets (NPAs) falling to 19.90 per cent of the gross advances as of June 2022 from 22.71 per cent as of June 2021, according to a regulatory filing.

Net NPAs too came down to 1.25 per cent from 1.67 per cent at the end of the first quarter of the last fiscal.

The bank's provisions for bad loans and contingencies stood at Rs 1,751.80 crore in the June quarter, up substantially from Rs 888.05 crore in the year-ago period.

As a result, provisions (other than tax) and contingencies declined significantly to Rs 959.23 crore from Rs 1,844.07 crore a year ago.

Provision Coverage Ratio (including Technical Write-Offs) improved to 97.79 per cent as on June 30, 2022 as against 94.42 per cent last year.

However, the Net Interest Income (NII) declined to Rs 2,488 crore during the period under review. The same stood at Rs 2,506 crore in the preceding year.

During the same time, Net Interest Margin (NIM) declined to 4.02 per cent as compared to 4.06 per cent in the previous fiscal.

Capital adequacy ratio improved to 19.57 per cent in the June quarter, which was 16.23 per cent in the corresponding quarter last year.

During the quarter, the bank has sold entire stake 19.18 per cent in Asset Reconstruction Company (India) Ltd to Avenue India Resurgence Pvt Ltd for sale consideration of Rs 2,361.48 crore, resulting in profit of Rs 2,140.66 crore.

At the same time, the bank has entered into Share Purchase Agreement with Ageas Insurance International NV (Ageas) on May 19, 2022 to sell IDBI's entire remaining stake (25 per cent) in Ageas Federal Life Insurance Company Limited (AFLI) pursuant to exercise of call option by Ageas.

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