Net interest income, the difference between interest earned and interest expended, slipped 15.3 percent on yearly basis to Rs 1,249.5 crore during the quarter while other income (non-interest income) dropped 30 percent year-on-year (down 56.5 percent sequentially) to Rs 500 crore in the quarter ended June 2014.
Public sector lender IDBI Bank 's net profit in April-June (Q1FY15) quarter plunged 66 percent to Rs 105 crore on account of lower other income and net interest income but supported by lower provisions. Profit in the year-ago period was Rs 307 crore.
Net interest income, the difference between interest earned and interest expended, slipped 15.3 percent on yearly basis to Rs 1,249.5 crore during the quarter while other income (non-interest income) dropped 30 percent year-on-year (down 56.5 percent sequentially) to Rs 500 crore in the quarter ended June 2014.
Asset quality of the bank deteriorated with the gross non-performing assets (NPA) rising 74 basis points quarter-on-quarter (up 130 bps year-on-year) to 5.64 percent and net NPA increasing 39 bps sequentially (up 71 bps on yearly basis) to 2.87 percent in April-June quarter.
Provisions declined 6.5 percent (down 35 percent on sequential basis) to Rs 776.2 crore in the first quarter of current financial year 2014-15 from Rs 829.7 crore in same quarter last year.
At 14:24 hours IST, the stock was quoting at Rs 86, down Rs 5.25, or 5.75 percent amid large volumes on the BSE.
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