IDBI Bank posts Q1 PBT of Rs 438 cr against Rs 5,381 cr loss a year ago

Rise in net interest income, dip in provisioning drive better numbers; net profit at Rs 144 cr in Q1FY21, versus Rs 3,800 cr loss same quarter last year

Private sector lender IDBI Bank has posted a profit before tax (PBT) of Rs 437.97 crore for the quarter ended June 2020 (Q1FY21) on a rise in net interest income and a dip in provisions and contingencies.

The subsidiary of Life Insurance Corporation (LIC) had posted a pre-tax loss of Rs 5,381.1 crore in quarter ended June 2019 (Q1FY20).

Its net profit for the reporting quarter stood at Rs 144.43 crore as against net loss of Rs 3,800.84 crore in Q1FY20. It had posted a net profit of Rs 135.39 crore in the fourth quarter ended March 2020.

The bank's stock closed 3.66