IDBI Bank Q3 Results: Disinvestment candidate reports 31% jump in profit, asset quality stable

Disinvestment candidate 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 ₹1,908 crore. The lender had reported a net profit of ₹1,458 crore during the same quarter last year.

Net Interest Income (NII) or core income for the lender stood at ₹4,228.7 crore, which is a growth of 23.1% from the year-ago period.

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

CNBC-TV18 had reported last week citing sources that the March 2025 target for receiving financial bids for IDBI Bank remains intact. Bidder due diligence is currently ongoing for the proposed divestment, sources said.

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