IDBI Bank through Indian Banks' Association has received notice of two days strike on January 30 & 31, 2023 from United Forum of Bank Unions (UFBU) in support of their demands.

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Net Interest Income (NII) jumped 23% to Rs 2,925 crore in Q3 FY23 from Rs 2,383 crore posted in the same period a year ago. Net Interest Margin (NIM) improved to 4.59% in Q3 FY23 as compared to 3.88% in Q3 FY22 and 4.37% in Q2 FY23.

Operating profit grew 16% to Rs 2,051 crore in quarter ended 31 December 2022 as against Rs 1,768 crore reported in Q3 FY22. Provisions & Contingencies declined 2.19% year on year to Rs 784.28 crore in Q3 FY23.

Profit before tax in Q3 FY23 stood at Rs 1,267.09 crore, rising 31.19% from Rs 965.84 crore registered in Q3 FY22.

CASA increased to Rs 1,26,663 crore as on 31 December 2022 as against Rs 1,21,732 as on 31 December 2021, registering a growth of 4%. CASA ratio improved to 54.44% as on 31 December 2022 as against 54.69% as on 31 December 2021.

Gross NPAs aggregated to Rs 23,535.06 crore as on 31 December 2022 as against Rs 28,722.24 crore as on 30 September 2022 and Rs 34,405.37 crore as on 31 December 2022.

Gross NPA ratio improved to 13.82% as on 31 December 2022 as against 16.51% as on 30 September 2022 and 21.68% as on 31 December 2022.

Net NPA ratio was at 1.07% as on 31 December 2022 as against 1.15% as on 30 September 2022 and 1.81% as on 31 December 2022.

Provision coverage ratio (including technical write-offs) stood at 98% as on 31 December 2022 as compared to 97.10 % as on 31 December 2021.

Deposits increased by 5% YoY to Rs 2,32,671 crore while net advances rose 17% YoY to Rs 1,48,213 crore as on 31 December 2022.

CRAR improved to 20.14% as on 31 December 2022 as against 16.75% as on 31 December 2021. Tier 1 stood at 17.60% as on 31 December 2022 as against 14.13% as on 31 December 2021.

The bank's return on assets (ROA) and return on equity (ROE) improved to 1.22% and 15.79%, respectively in the quarter ended 31 December 2022.

IDBI Bank is one of India's one of the state own largest bank having more than 1,890 branches with 3,300 ATM'S across the globe. The Government of India held 45.48% stake while the Life Insurance Corporation of India held 49.24% stake in the bank as on 31 December 2022.

Shares of IDBI Bank rose 0.55% to Rs 54.90 on the BSE.

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Net profit of IDBI Bank rose 54.30% to Rs 944.82 crore in the quarter ended December 2022 as against Rs 612.34 crore during the previous quarter ended December 2021. Total Operating Income rose 12.98% to Rs 5229.63 crore in the quarter ended December 2022 as against Rs 4628.64 crore during the previous quarter ended December 2021.

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IDBI Bank will hold a meeting of the Board of Directors of the Company on 23 January 2023.

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