IDBI Bank’s net profit for the third quarter ended December of the current financial year rose 60 percent to Rs 927 crore. The bank said in the information given to the stock markets on Monday that its profit has increased due to reduction in financial provision and increase in interest income. The bank had posted a net profit of Rs 578 crore in the year-ago quarter. IDBI Bank shares closed at Rs.55 today. This stock has given a return of 56% in the last six months.
The bank’s net interest income rose 23 per cent to Rs 2,925 crore in the October-December, 2022 quarter as against Rs 2,383 crore in the year-ago period. The gross non-performing asset (NPA) ratio of the bank improved to 13.82 per cent during the period under review. It was 21.68 per cent in the same quarter of the previous financial year. Due to this, the bank had to make a financial provision of only Rs 233 crore for bad loans in this quarter as against Rs 939 crore in the December 2021 quarter.
55 paise share increased to Rs 19, 1 lakh became ₹ 35 lakh in two years, upper circuit since 6 days
Government selling stake
The government is preparing to sell its majority stake in this bank along with LIC. The two together hold 94.71 per cent stake in the bank, out of which expressions of interest have been invited from potential investors for sale of 60.72 per cent stake.