IDBI Bank Q3 net profit plunges 75% to Rs 103 crore

IDBI Bank today reported a 75 per cent decline in its net profit to Rs 103.96 crore in the third quarter ended December 31, 2013, due to higher provisioning for non-performing assets.

The bank had posted a net profit of Rs 416.76 crore in the same quarter of the previous fiscal.

The bank made provisioning for bad assets to the tune of Rs 1,033.36 crore in the December quarter against Rs 962.95 crore in the corresponding period a year ago, it said in a BSE filing.

The net bad loans or non-performing assets (NPAs) grew to 2.93 per cent during the quarter from 1.93 per cent in the year-ago period.

Gross NPAs also rose to 5.44 per cent during the period as compared to 3.67 per cent a year ago.

Total income of the bank increased marginally to Rs 7,149.88 crore in the third quarter of the current fiscal from Rs 7,070.19 crore a year earlier.