IDBI Bank's Q1FY21 net profit at Rs 144 cr

New Delhi (IANS) Lender IDBI Bank on Tuesday reported its standalone net profit for the first quarter of 2020-21 at Rs 144 crore.

The bank has reported a net loss of Rs 3,801 crore for Q1 2019-20.

"Net Profit for Q1-2021 has improved by 7 per cent against Rs 135 crore reported for Q4-2020," the bank said in the results statement.

Besides, its 'Net Interest Income' (NII) for Q1-2021 improved by 22 per cent to Rs 1,773 crore as against Rs 1,458 crore for Q1-2020.

"'Net Interest Margin' improved by 68 bps to 2.81 per cent for Q1-2021 as compared to 2.13 per cent for Q1-2020," the statement said.

Furthermore, the Gross NPA ratio improved to 26.81 per cent as on June 30, 2020 as against 29.12 per cent as on June 30, 2019 and 27.53 per cent as on March 31, 2020.

"Net NPA ratio improved to 3.55 per cent as on June 30, 2020 as against 8.02 per cent as on June 30, 2019 and 4.19 per cent as on March 31, 2020," the statement said.

In terms of 'Provision Coverage Ratio', the bank reported an improvement to 94.71 per cent as on June 30, 2020 from 87.79 per cent as on June 30, 2019 and 93.74 per cent as on March 31, 2020.

"'First Time NPAs' reduced to Rs 69 crore in Q1-2021 from Rs 3,486 crore in Q1-2020. FTNPA for Q4-2020 stood at Rs 727 crore," the statement said.

"Tier 1 improved to 10.59 per cent as on June 30, 2020 as against 6.14 per cent as on June 30, 2019."

Furthermore, the CRAR improved to 13.37 per cent as on June 30, 2020 as against 8.14 per cent as on June 30, 2019.

"'Risk Weighted Assets' reduced by 5.70 per cent to Rs 1,60,994 crore as on June 30, 2020 as against Rs 1,70,734 crore as on June 30, 2019," the lender said.

On the impact of Covid-19, the bank said it holds provisions against impact of the pandemic.

"During quarter ended June 2020, the Bank has made further Covid-19 related provisions of Rs 189 crore (Cumulative provision of Rs 436 crore)," the statement said.

"The provision made by the bank is more than minimum required as per the RBI guidelines."