IDBI Bank Reports Robust 31% Growth in Quarterly Net Profit

IDBI Bank reported a significant 31% increase in net profit for the December quarter, driven by reduced provisioning and enhanced interest income. The LIC-controlled bank's total income also saw growth, alongside improved NPA ratios and a rise in capital adequacy. The bank plans to divest its stake in PIPDIC.

IDBI Bank has announced a 31% surge in its net profit for the December quarter, reaching Rs 1,908 crore, attributed to reduced provisioning and improved interest income.

The bank's total income rose to Rs 8,565 crore from Rs 7,514 crore, as disclosed in a regulatory filing. Interest income for the quarter improved significantly to Rs 7,816 crore.

Notably, the gross NPA ratio improved, while provisioning and contingencies decreased sharply. The bank also approved a proposal to sell its 21.14% shareholding in PIPDIC.

(With inputs from agencies.)