IDBI Bank reported a 25% increase in net profit in the June quarter, riding on its strongest pace in loan growth in more than four years and aided by a drop in provisions.Net profit increased to Rs 756 crore in the quarter from Rs 603 crore a year ago, led by a 12% expansion in loans. Provisions fell 43% to Rs 1,295 crore from 2,265 crore a year earlier. CEO Rakesh Sharma said the bank now expects credit costs for the fiscal to reduce to 1% of loans from 1.25% guided earlier, as the pace of slippages has fallen and the quality of the loan book has improved. Watch the full interview here to find out more.
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