IDBI Bank Q4 results: Net profit jumps 44% to Rs 1,628 cr, NII rises 12%.
IDBI Bank reports robust Q4 results: 44% rise in net profit, NII up 12%, NPA ratio improves to 0.34%. Proposed 15% dividend.
IDBI Bank, a private sector lender, announced a robust performance for the March quarter of the fiscal year 2023-24, with a significant 44% increase in net profit, reaching Rs 1,628 crore. This marks a substantial rise compared to the Rs 1,133 crore net profit reported in the corresponding period of the previous year. Total income also witnessed an upward trajectory, reaching Rs 7,887 crore for the period, compared to Rs 7,014 crore in the January-March period of fiscal year 2022-23.
Furthermore, for the entire fiscal year 2023-24, the bank achieved remarkable growth, with net profit surging by 55% to an unprecedented high of Rs 5,634 crore, in contrast to Rs 3,645 crore in the preceding fiscal year. Total income for the fiscal year 2023-24 stood at Rs 30,037 crore, up from Rs 24,942 crore in the financial year 2022-23.
The bank also witnessed a notable improvement in its Net Interest Income (NII), which rose by 12% in the March quarter to Rs 3,688 crore, compared to Rs 3,280 crore in the fourth quarter of 2022-23.
Moreover, IDBI Bank demonstrated enhanced asset quality, as evidenced by a decrease in the net non-performing assets (NPA) ratio to 0.34% as of March 31, 2024, from 0.92% as of March 31, 2023.
In a move to reward shareholders, the board of IDBI Bank has recommended a dividend of 15% pending approval from shareholders.
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