IDBI Bank posts 53.5% drop in Q2 net profit, Gross NPA rises

IDBI Bank on Tuesday announced its financial result for the quarter ended on September 30. The bank reported 53.5% drop in net profit during the quarter. In Q2FY17, the bank's net profit stood at Rs 55.5 crore as against Rs 119.5 crore during the same period last year.

On quarter-on-quarter basis, the net profit declined by 77% from Rs 241.1 crore in the quarter ended on June 30, 2016.

Following the announcement of the results, the bank's shares plunged over 3%. At 1435 hours, the shares of the bank were trading at Rs 74.30 per piece, down 3.07%, or Rs 2.35 on BSE.

In the regulatory filing, the bank said that its total income has increased from Rs 7,913.6 crore in Q2FY16 to Rs 8387.2 crore in Q1FY17. Net interest income for Q2FY17 stood 0.4% Y-o-Y degrowth at Rs 1,606 crore.

As per the filing, the percentage of gross Non-performing Assets stood at 13.05% in Q2FY17 as against 6.92% in Q2FY16. However, in the previous quarter, gross NPA was 11.92%.