Report Wire - IDBI Bank Q3 internet revenue jumps 60% to ₹972 crore

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IDBI Bank Q3 internet revenue jumps 60% to ₹972 crore

1 min read
Rakesh Sharma, chief executive officer of IDBI Bank Ltd., during a news conference in Mumbai, India, on Friday, Oct. 21, 2022. India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank in what could be the biggest sale of the governments stake in a lender in decades, according to a person familiar with the matter. Photographer: Indranil Aditya/Bloomberg (Bloomberg)

(PTI) State-owned IDBI Bank on Monday reported a 60 per cent development in internet revenue to ₹927 crore within the third quarter ended on December 31, 2022, on decrease provisioning and higher curiosity revenue.

IDBI Bank, for which the federal government and the LIC have invited bids to promote a majority stake, had a internet revenue of ₹578 crore within the October-December quarter of 2021.

The financial institution’s internet curiosity revenue (NII) improved by 23 per cent in the course of the third quarter of present fiscal to ₹2,925 crore, as towards ₹2,383 crore in the identical interval final fiscal.

Gross non-performing asset (NPA) ratio improved to 13.82 per cent as on December 31, 2022 as towards 21.68 per cent as on December 31, 2021.

The financial institution’s provisioning for non-performing property was low at ₹233 crore within the December quarter, in comparison with ₹939 crore within the December quarter of final fiscal.

Shares of IDBI Bank have been buying and selling at ₹55, up 0.73 per cent over earlier shut on the BSE.

The Government and the Life Insurance Corporation (LIC) collectively maintain 94.71 per cent stake in IDBI Bank.

Of this, they need to promote 60.72 per cent within the financial institution and have obtained “multiple expressions of interest” from potential buyers earlier this month.

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