IDBI Bank‘s share price shot up on Monday afternoon after the company posted its earnings for the quarter ended June.

What Happened: The bank’s standalone net profit for the quarter came in at ₹1,719 crore, up around 40% from the ₹1,224 crore posted in the same quarter last year.

Net interest income — the difference between a bank’s income from lending activities and interest paid to depositors — came in at ₹3,233 crore, down 19% from the ₹3,997 crore posted in the June quarter of 2023.

Shares of the lender shot up as soon as the results were announced. The bank reported a reduction in gross non-performing assets (NPA) to 3.87% from 4.53% quarter on quarter.

Net NPA also decreased to 0.23% from 0.34% sequentially. In absolute terms, gross NPA stood at ₹7,795.4 crore compared with ₹8,917 crore in the previous quarter. Net NPA amounted to ₹453.6 crore, down from ₹644 crore posted in the March quarter.

Price Action: IDBI Bank’s share price was up 2.45% to trade at ₹91.04 on Monday afternoon.

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