IDBI Bank reported an 8% year-on-year growth in its total business for the first quarter for fiscal 2026, reaching Rs 5.08 lakh crore compared to Rs 4.71 lakh crore in the same period last year.
Total deposits rose by 7% to Rs 2.96 lakh crore from Rs 2.78 lakh crore, while net advances increased by 9% to Rs 2.12 lakh crore against Rs 1.94 lakh crore in the corresponding quarter.
IDBI Bank's current account-savings account deposits fell 2% to Rs 1.33 lakh crore. This compares with Rs 1.94 lakh crore for the same period last year.
The government is in the final phase of disinvestment in IDBI Bank and remains confident about adhering to the sale timeline despite market volatility, according to people familiar with the matter.
Authorities view recent fluctuations as temporary and not expected to affect the process, the people said, adding that the stake sale is targeted to conclude by March 2026, the development sent IDBI Bank shares soaring by as much as 5% on Monday.
The Share Purchase Agreement — which outlines the sale terms — has been cleared by the Inter-Ministerial Group, and the financial bids are likely to be invited in September, the people said.
The government is working on its stake sale in IDBI Bank and expects it to complete by the end of 2025, said M Nagaraju, Secretary of Department of Financial Services.
"It's on track and the process is on. We will finalise as per the time schedule which will be in this calendar year," Nagaraju told reporters in May.
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