IDBI Bank Shares Surge 2.5% on Strong Q3 Earnings

New Delhi, Jan 20 (PTI) Shares of IDBI Bank on Monday climbed almost 2.50 per cent after the firm 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 company's stock went up by 2.46 per cent to settle at Rs 86.12 on the BSE. During the day, it jumped 4.11 per cent to Rs 87.51.

At the NSE, it advanced 1.58 per cent to Rs 85.34.

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.