IDBI Bank’s Profitable Surge: A 31% Profit Leap

Shares of IDBI Bank rose nearly 2.50% following a reported 31% profit increase in the December quarter, attributed to reduced provisioning and improved interest income. The bank's personnel netted Rs 1,908 crore, with substantial declines in non-performing assets and enhanced interest income yield during this period.

IDBI Bank shares ascended by nearly 2.50% on Monday after the firm's outstanding performance in the December quarter, recording a 31% profit growth driven by lower provisioning and enhanced interest income.

The share price reached Rs 86.12 on the BSE following a jump to Rs 87.51, while on the NSE, it saw a 1.58% rise to Rs 85.34. This bullish trend follows the bank's remarkable net profit tally of Rs 1,908 crore compared to Rs 1,458 crore from the same period last year.

The bank registered a total income increased to Rs 8,565 crore, up from Rs 7,514 crore, alongside a higher interest income of Rs 7,816 crore versus Rs 6,541 crore. Improvements in its net interest and non-performing asset figures underscore this fiscal achievement.

(With inputs from agencies.)