IDBI Bank's stock rises 3% after 40% jump in Q1 net profit

The stock price of the company was trading at Rs 91.29, up 2.73 percent on NSE at 14:02 pm.

Shares of IDBI Bank surged 3 percent after the lender on July 22 reported a 40 percent rise in net profit during the first quarter of FY25.

The company posted a profit of Rs 1,719.27, higher by 40.4 percent compared to Rs 1,224.18 reported in the same period of last financial year, according to an exchange filing issued of Monday. The net profit also surged 6 percent over the March quarter's reading at Rs 1,628.46 crore.

The stock price of the company was trading at Rs 91.29, up 2.73 percent on NSE at 14:02 pm.

The lender's gross non-performing assets (GNPA) improved 118 bps YoY to 3.87 percent, while the net NPA stood at 0.23 percent, recording a drop of 21 bps, according to the company statement.

The bank's provision coverage ratio was at at 99.34 percent, while the CRAR came in at 22.42 percent. It's CASA ratio was at 48.57 percent and the net interest margin (NIM) was at 4.18 percent.