IDBI Bank reported a 46% year-on-year rise in net profit to Rs 828.09 crore in the September quarter amid double-digit growth in advances and improvement in asset quality.

 The bank's loan book expanded 17% to Rs 1.47 lakh crore with the corporate versus retail mix being 35:65 as on 30 September 2022. This was in the 37:63  ratio in the preceding quarter.

 Net interest income (NII) increased 48% to Rs 2,738 crore from Rs 1,854 crore a year ago.

 Net interest margin (NIM) expanded to 4.37% from 3.02%. The bank expects NIM to be at 3.25% for the fiscal and the loan book to grow at 15% compared with the 10% to 12% rate at the start of the current financial year.

Provisions were at Rs 1,380 crore, up 77% YoY and 7% quarter-on-quarter. Provision coverage ratio (including technical write-offs) stood at 97.86% , bettering from 97.27% a year ago. PCR stood at 97.79% in the preceding quarter.

 IDBI Bank, which is set for divestment, has improved its asset quality with the gross non-performing assets (NPAs) standing at 16.51% as of 30 September versus 21.85% a year ago and 19.90% in the preceding quarter.

 Net NPA was at 1.15%, down from 1.71% in Q2FY22 and 1.25% in Q1FY23.

 Deposits climbed 3% to Rs 2,30,310 crore in Q2FY23 versus Rs 2,23,305 crore a year ago and Rs 2,25,269 crore in the earlier quarter.

 CASA (current account savings account) comprised 56.19% of total deposits as on 30 September 2022, as against 54.63% a year ago and 55.65% a quarter ago.