IDBI Bank Q4 net profit surges 44% to Rs 1,628 crore

IDBI Bank reports a 44% jump in net profit to Rs 1,628 crore for the March quarter and a 55% growth for the fiscal year to Rs 5,634 crore. Total income rises to Rs 7,887 crore and Rs 30,037 crore for the quarter and fiscal year, respectively. Net Interest Income increases by 12% to Rs 3,688 crore, while Net NPA ratio improves to 0.34%. The bank proposes a 15% dividend payout.

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

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

Total income rose to Rs 7,887 crore in the period under review, from Rs 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 Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore.

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

Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)