IDBI Bank Q4 net profit jumps 44% to ₹1,628 crore

Posted on by

Private sector lender IDBI Bank on Saturday reported a 44 per cent jump in net profit at ₹1,628 crore in the March quarter of financial year 2023-24.

In comparison, the bank had posted a net profit of ₹1,133 crore in the year-ago period.

Total income rose to ₹7,887 crore in the period under review, from ₹7,014 crore in the January-March period of fiscal year 2022-23.

For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of ₹5,634 crore. In 2022-23, the profit was at ₹3,645 crore.

Total income for fiscal year 2023-24 was at ₹30,037 crore, up from ₹24,942 crore in financial year 2022-23.

Net Interest Income improved by 12 per cent in the March quarter to ₹3,688 crore, as against ₹3,280 crore in the fourth quarter of 2022-23.

Net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024 as against 0.92 per cent as on March 31, 2023.

The board of IDBI Bank has proposed a dividend of 15 per cent subject to shareholders’ approval.