IDBI Bank Q3 Results: Net Profit Jumps 60% To Rs 972 Crore
Gross non-performing asset ratio improved to 13.82% as on Dec. 31, 2022 as against 21.68% as on Dec. 31, 2021.

State-owned IDBI Bank on Monday reported a 60% growth in net profit to Rs 927 crore in the third quarter ended on Dec. 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 Rs 578 crore in the October-December quarter of 2021.
The bank's net interest income improved by 23% during the third quarter of current fiscal to Rs 2,925 crore, as against Rs 2,383 crore in the same period last fiscal.
Gross non-performing asset ratio improved to 13.82% as on Dec. 31, 2022 as against 21.68% as on Dec. 31, 2021.
The bank's provisioning for non-performing assets was low at Rs 233 crore in the December quarter, compared to Rs 939 crore in the December quarter of last fiscal.
Shares of IDBI Bank were trading at Rs 55, up 0.73% over previous close on the BSE.
The Government and the Life Insurance Corporation together hold 94.71% stake in IDBI Bank.
Of this, they are looking to sell 60.72% in the bank and have received "multiple expressions of interest" from potential investors earlier this month.