IDBI Bank FY21 results: Lender back in black after 5 years; reports profit of Rs 1,359 crore

NEW DELHI: LIC-controlled turned worthwhile in the fiscal ended in March 2021 after 5 years, posting a web profit of Rs 1,359 crore for the yr.

In 2019-20, the lender had posted a web loss of Rs 12,887 crore.

IDBI Bank is back in black after 5 years, stated the lender.

In the final quarter of the fiscal yr 2020-21, the financial institution reported a virtually four-fold soar in its web profit to Rs 512 crore, IDBI Bank stated in a launch. The financial institution had posted a profit of Rs 135 crore in the year-ago quarter.

The financial institution, which got here out of the RBI’s immediate corrective motion (PCA) framework earlier in March this yr, stated its turnaround methods led to the transformation.

Total earnings throughout Q4FY21 rose to Rs 6,969.59 crore from Rs 6,924.94 crore in the identical interval of 2019-20.

The full yr earnings, nonetheless, was down at Rs 24,557 crore as in opposition to Rs 25,295 crore.

Gross NPA (non-performing asset) ratio improved to 22.37 per cent as on March 31, 2021 as in opposition to 27.53 per cent in the year-ago interval. Net NPA improved to 1.97 per cent from 4.19 per cent, IDBI Bank stated.

The financial institution stated its restoration from technically written off accounts improved to Rs 269 crore in Q4FY21 as in opposition to Rs 105 crore in the third quarter FY21.

Provisions for unhealthy loans and contingencies had been raised to Rs 2,457 crore throughout the reported quarter as in opposition to Rs 1,584 crore.

The financial institution stated it has made Covid-related provisions of Rs 363 crore on the finish of March 2021.

(*5*) traded at Rs 36.25 on BSE, up 2.69 per cent from the earlier shut.

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