IDBI Bank Ltd on Friday said its second quarter net loss narrowed to ₹3,459 crore on the back of higher net interest income and other income. The bank posted a net loss of ₹3,602.49 crore in the year-ago period.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 25.42% to ₹1,631.48 crore from ₹1,300.86 crore in the corresponding period last year.
Other income, which includes core fee income, gained 28.08% to ₹1,032.66 crore in the three months.
CASA deposit increased 15.49% to ₹1.04 trillion as on 30 September, against ₹90,071 crore for the same quarter last year.
Earlier this year, insurance behemoth Life Insurance Corporation of India (LIC) acquired 51% controlling stake in IDBI Bank, marking the entry of the more than 60-year old state-owned insurer into the banking space.
The bank said net interest margin (NIM) improved 53 basis points (bps) to 2.33% during the quarter.
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