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

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.