IDBI Bank's Q1 net rises 25% to Rs 756 cr as provisions, contingencies dip

Private sector lender IDBI Bank’s net profit rose 25 per cent year on year (YoY) to Rs 756 crore in the quarter ended June (Q1FY23), on the back of a sharp fall in provisions and contingencies.

The bank had posted a net profit of Rs 603 crore during the same period last year (Q1FY22). Sequentially, its net profit rose by 10 per cent from Rs 691 crore in Q4FY22.

The bank’s stock was trading 2.6 per cent higher at Rs 37.10 per share on BSE on Thursday. The lender, which is predominantly owned by Life Insurance Corporation of India and