New Delhi: State-owned IDBI Bank on Monday reported a 60 per cent rise in net profit to Rs 927 crore for the third quarter ended December 31, 2022, on lower provisions and better interest income. IDBI Bank, for which the government and LIC have invited bids to sell majority stake, had a net profit of Rs 578 crore in the October-December quarter of 2021.
The bank’s net interest income (NII) grew by 23 per cent to Rs 2,925 crore during the third quarter of the current financial year as against Rs 2,383 crore in the same period last fiscal. ,Also read: ‘Why me? Why now?’: 8-month pregnant IT employee writes heart-wrenching post after being fired from Google,
The gross non-performing asset (NPA) ratio rose to 13.82 per cent as on December 31, 2022, as against 21.68 per cent as on December 31, 2021. ,Also read: Apple Watch saved the life of a pregnant woman – know how,
The bank’s provisioning for non-performing assets stood at Rs 233 crore in the December quarter, as against Rs 939 crore in the December quarter of the previous fiscal.
Shares of IDBI Bank were trading at Rs 55 on the BSE, up 0.73 per cent over its previous close. The government and Life Insurance Corporation (LIC) jointly hold 94.71 per cent stake in IDBI Bank. Of this, they are looking to sell 60.72 per cent stake in the bank and earlier this month received “multiple options of interest” from potential investors.