scorecardresearchIDBI Bank Q3 net profit jumps 60% to ₹972 crore

IDBI Bank Q3 net profit jumps 60% to 972 crore

Updated: 23 Jan 2023, 03:39 PM IST
TL;DR.

IDBI Bank, for which the government and the LIC have invited bids to sell a majority stake, had a net profit of 578 crore in the October-December quarter of 2021.

Rakesh Sharma, chief executive officer of IDBI Bank Ltd., during a news conference in Mumbai, India, on Friday, Oct. 21, 2022. India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank in what could be the biggest sale of the governments stake in a lender in decades, according to a person familiar with the matter. Photographer: Indranil Aditya/Bloomberg

Rakesh Sharma, chief executive officer of IDBI Bank Ltd., during a news conference in Mumbai, India, on Friday, Oct. 21, 2022. India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank in what could be the biggest sale of the governments stake in a lender in decades, according to a person familiar with the matter. Photographer: Indranil Aditya/Bloomberg

(PTI) State-owned IDBI Bank on Monday reported a 60 per cent growth in net profit to 927 crore in the third quarter ended on December 31, 2022, on lower provisioning and better interest income.

IDBI Bank, for which the government and the LIC have invited bids to sell a majority stake, had a net profit of 578 crore in the October-December quarter of 2021.

The bank's net interest income (NII) improved by 23 per cent during the third quarter of current fiscal to 2,925 crore, as against 2,383 crore in the same period last fiscal.

Gross non-performing asset (NPA) ratio improved to 13.82 per cent as on December 31, 2022 as against 21.68 per cent as on December 31, 2021.

The bank's provisioning for non-performing assets was low at 233 crore in the December quarter, compared to 939 crore in the December quarter of last fiscal.

Shares of IDBI Bank were trading at 55, up 0.73 per cent over previous close on the BSE.

The Government and the Life Insurance Corporation (LIC) together hold 94.71 per cent stake in IDBI Bank.

Of this, they are looking to sell 60.72 per cent in the bank and have received "multiple expressions of interest" from potential investors earlier this month.

First Published: 23 Jan 2023, 03:39 PM IST