IDBI Bank Q3 Results: Lender reports 31% increase in net profit for third quarter

IDBI Bank Ltd. reported a 31% jump in its consolidated net profit for the October-December period on Monday, January 20. Net profit for the period increased to Rs 1,908 crore. The Bank had reported a net profit of Rs 1,458 crore during the same quarter last year. Net Interest Income (NII) or core income for the lender stood at Rs 4,228.7 crore, which is a growth of 23.1% from the year-ago period.

Meanwhile, asset quality for the lender was stable on a quarter-on-quarter basis. Gross NPA for the period stood at 3.57% from 3.68% last year, while Net NPA for the quarter stood at 0.18% from 0.2% last quarter.

The board has also approved the proposal for the sale of IDBI Bank's entire holding of 8.54 lakh shares having a face value of Rs 100 apiece, constituting 21.14% shareholding in Pondicherry Industrial Promotion Development and Investment Corporation Ltd. (PIPDIC), an associate company of the lender.

Shares of IDBI Bank are currently trading 0.7% higher at Rs 84.62.

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