IDBI Bank, which is controlled by the Indian Life Insurance Corporation (LIC), has made a huge profit. According to the data provided by the bank, the bank’s profit for the April-June quarter was four times higher at Rs 603.30 crore. The bank had posted a net profit of Rs 144.43 crore in the same period a year ago.
Improvements to Bank NPAs: IDBI Bank has improved its asset quality. Total debt as a percentage of non-performing assets (NPA) fell to 22.71%. The NPA was 26.81 per cent in June 2020 a year ago. IDBI Bank’s total income for the quarter ended June 2021 was Rs 6,554.95 crore, compared to Rs 5,901 crore in the same quarter a year ago.
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Government Sales Share: These gains came at a time when the central government was selling its stake in the bank. Recently, the government has approved the transfer of management control with strategic investment in IDBI Bank.
Let us tell you that the Government of India and LIC hold more than 94% stake in IDBI Bank (Government of India 45.48%, LIC 49.24%). Currently LIC is the Management Controller and Promoter of IDBI Bank. At the same time, the Government of India has become its co-propagandist.
Profit for the last financial year: During the last financial year, IDBI Bank posted a profit after 5 years. The bank had reported a profit of Rs 1,359 crore for the financial year 2020-21. This is the first time the bank’s results have been improving in five years. The bank had a net loss of Rs 12,887 crore in 2019-20.
