IDBI Bank Q2 net up 20% at Rs 516 cr

State-owned lender IDBI Bank today posted 20.22% rise in net profit to Rs 515.9 crore for the second quarter ended September 30, 2011.

The bank had posted a net profit of Rs 429.1 crore in the July-September period of 2010.

The total income rose to Rs 6,291.4 crore from Rs 4,044 crore in the corresponding period last fiscal, IDBI Bank said in a filing to the BSE.

"Our quarterly results have been good given the market conditions. We have seen a healthy growth in deposits, borrowings have grown by 7% ... Overall profits have also grown," IDBI Bank Executive Director Melwyn Rego said.

 

Shares of the bank today closed at Rs 104.80, down 2.06% from its previous close.