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IDBI Bank net profit jumps 46% to Rs 828.09 crore in Sept quarter

Profits would have been higher if not for aggressive provisioning: IDBI Bank CEO

IDBI Bank
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The bank’s strong showing in the second quarter was also due to firm growth in net interest income

Bhaskar Dutta Mumbai
IDBI Bank on Friday reported a 46 per cent year-on-year rise in its July-September net profit to Rs 828.09 crore, with the bottom line being boosted by the lender’s sale of stake in Ageas Federal Life Insurance worth Rs 380 crore last month. This is the lender's highest-ever quarterly profit.

Profit growth was healthy despite the bank making provisions in excess of the regulatory requirements. 

“We have made excess provision of Rs 636 crore during the quarter,” said Rakesh Sharma, managing director & chief executive of IDBI Bank in the post-earnings media interaction. “The profits would have been higher if

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First Published: Oct 21 2022 | 7:53 PM IST

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