IDBI Bank Q2 net profit surges 75% to Rs 567 cr; NIM improves

Its stock was down by 2.03 per cent to Rs 55.6 per share

Private lender IDBI Bank’s net profit rose by posted 75 per cent rise in net profit at Rs 567 crore in the second quarter ended September 2021 (Q2Fy22), on uptick in the net interest income (NII) and dip in provisions.

Mumbai-based bank, which is on block for strategic sale by government, had posted net profit of Rs 324 crore for Q2 Fy 21.

Its NII rose by nine per cent in reporting quarter at Rs 1,854 crore for Q2 FY 2022. The Net Interest Margin (NIM) improved by 32 basis points at 3.02 per cent on Year-on-Year (Y-o-Y) basis for