Public sector IDBI Bank’s net profit for the third quarter ended December of the current financial year increased by 60 percent to Rs 927 crore. The bank said in the information given to the stock markets on Monday that its profit has increased due to reduction in financial provision and increase in interest income. In the same quarter a year ago, the bank had earned a net profit of Rs 578 crore.

The bank’s net interest income rose 23 per cent to Rs 2,925 crore in the October-December 2022 quarter as against Rs 2,383 crore in the year-ago period.

The gross non-performing asset (NPA) ratio of the bank improved to 13.82 per cent during the period under review. It was 21.68 percent in the same quarter of the previous financial year.

Because of this, the bank had to make a financial provision of only Rs 233 crore for bad loans in this quarter, whereas in the December 2021 quarter, this amount was Rs 939 crore.

The government is preparing to sell its majority stake in this bank along with LIC. Both together hold 94.71 per cent stake in the bank, out of which expression of interest has been invited from potential investors for sale of 60.72 per cent stake.

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