IDBI Bank Q3 Profit Rises 31% to Rs 1,908 Cr
By Rediff Money Desk, New Delhi Jan 20, 2025 16:00
IDBI Bank reported a 31% surge in net profit to Rs 1,908 crore in the December quarter, driven by lower provisioning and improved interest income. The bank's gross NPA ratio also declined.

New Delhi, Jan 20 (PTI) IDBI Bank on Monday reported a 31 per cent growth in net profit to Rs 1,908 crore in the December quarter on lower provisioning and better interest income.
The LIC-controlled bank reported a net profit of Rs 1,458 crore in the year-ago period.
The bank's total income increased to Rs 8,565 crore during the quarter under review from Rs 7,514 crore in the same period last year, IDBI Bank said in a regulatory filing.
The bank's interest income improved during the third quarter of the current fiscal year to Rs 7,816 crore, as against Rs 6,541 crore a year ago.
The net interest income improved to Rs 4,228 crore as against Rs 3,435 crore in Q3 of FY24.
The gross non-performing asset (NPA) ratio improved to 3.57 per cent as on December 31, 2024, as against 4.69 per cent as on December 31, 2023.
Similarly, the net NPA also declined to 0.18 per cent, as compared to 0.34 per cent at the end of December 2023.
As a result, provisioning and contingencies came down to Rs 166 crore in the December quarter, from Rs 320 crore in the same quarter of the last fiscal year.
Provision coverage ratio, including technical write-offs, also improved at 99.47 per cent as on December 31, 2024 as against 99.17 at the end of December 2023.
During the quarter, the bank's capital adequacy ratio rose to 21.98 per cent, as compared to 20.32 per cent at the end of December 2023.
The board also approved the proposal for the sale of IDBI Bank's entire holding of 8,54,000 having face value of Rs 100 per share constituting 21.14 per cent shareholding in Pondicherry Industrial Promotion Development and Investment Corporation Ltd (PIPDIC), an associate company of the bank.
The government, which owns over 45 per cent stake in IDBI Bank, plans to sell its stake and the process could gather pace in the next financial year.
Meanwhile, life insurance behemoth LIC, which has a 49.24 per cent shareholding in IDBI Bank, is keen to hold strategic stake so that it can enjoy the benefit of the bancassurance channel.
The LIC-controlled bank reported a net profit of Rs 1,458 crore in the year-ago period.
The bank's total income increased to Rs 8,565 crore during the quarter under review from Rs 7,514 crore in the same period last year, IDBI Bank said in a regulatory filing.
The bank's interest income improved during the third quarter of the current fiscal year to Rs 7,816 crore, as against Rs 6,541 crore a year ago.
The net interest income improved to Rs 4,228 crore as against Rs 3,435 crore in Q3 of FY24.
The gross non-performing asset (NPA) ratio improved to 3.57 per cent as on December 31, 2024, as against 4.69 per cent as on December 31, 2023.
Similarly, the net NPA also declined to 0.18 per cent, as compared to 0.34 per cent at the end of December 2023.
As a result, provisioning and contingencies came down to Rs 166 crore in the December quarter, from Rs 320 crore in the same quarter of the last fiscal year.
Provision coverage ratio, including technical write-offs, also improved at 99.47 per cent as on December 31, 2024 as against 99.17 at the end of December 2023.
During the quarter, the bank's capital adequacy ratio rose to 21.98 per cent, as compared to 20.32 per cent at the end of December 2023.
The board also approved the proposal for the sale of IDBI Bank's entire holding of 8,54,000 having face value of Rs 100 per share constituting 21.14 per cent shareholding in Pondicherry Industrial Promotion Development and Investment Corporation Ltd (PIPDIC), an associate company of the bank.
The government, which owns over 45 per cent stake in IDBI Bank, plans to sell its stake and the process could gather pace in the next financial year.
Meanwhile, life insurance behemoth LIC, which has a 49.24 per cent shareholding in IDBI Bank, is keen to hold strategic stake so that it can enjoy the benefit of the bancassurance channel.
Source: PTI
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