IDBI Bank net profit jumps 79% YoY to Rs 2,439 crore
The public sector bank reported net interest income of Rs 9,162 crore for the financial year 2021-22, recording an increase of 7%.
By Mohit Bhalla, ET Bureau | Updated:
Agencies
New Delhi: IDBI Bank’s net profit has increased by 79% year-on-year to Rs 2,439 crore for financial year 2021-22, according to its earnings results published after a board meeting on Monday.
The Government-owned bank which was classified by Reserve Bank of India as a private sector bank in March 2019 reported net interest income of Rs. 9162 crore for the financial year 2021-22, recording an increase of 7%.
It brought down its cost of deposits to 3.56% from 4.29% a year ago. It had made gross advances of Rs. 1,78,207 crore in the financial year ended 31 March 2022.
The loan portfolio of the bank is split 37:63 between corporate and retail. The government and state-run Life Insurance Corporation of India together hold 95% of IDBI Bank.
The government had announced plans for the privatisation of IDBI Bank in February 2021.
The Government-owned bank which was classified by Reserve Bank of India as a private sector bank in March 2019 reported net interest income of Rs. 9162 crore for the financial year 2021-22, recording an increase of 7%.
It brought down its cost of deposits to 3.56% from 4.29% a year ago. It had made gross advances of Rs. 1,78,207 crore in the financial year ended 31 March 2022.
The loan portfolio of the bank is split 37:63 between corporate and retail. The government and state-run Life Insurance Corporation of India together hold 95% of IDBI Bank.
The government had announced plans for the privatisation of IDBI Bank in February 2021.
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