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IDBI Bank announced a 35% hike in net profit at Rs 691 crore for the quarter ended March 2022 because of a fall in bad loan provisions as NPAs (Non-performing assets) came down.

The bank’s core interest income was Rs 4,599.67 crore during the quarter, down from Rs 5,781.48 crore the previous year. Income from other sources was also down at Rs 844 crore from Rs 1.113 crore. The bank had reported a net profit of Rs 512 crore for the same quarter of 2020-21.

The ratio of gross bad loans or NPAs dropped to 19.14% of gross loans by March end of 2022 as compared to 22.37% by March 2021. The value terms, gross NPAs stuck at Rs 34,115 crore as against Rs 36,212 crore. Net NPAs slowed down to 1.27% (Rs 1,856 crore) from 1.97% (Rs 2,519 crore).

IDBI Bank reported that it collected Rs 1,313 crore in interest on income tax refunds during the March quarter of the previous fiscal year.

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