IDBI Bank Q4 Result: Net Profit Jumps 44% To Rs 1,628 Crore

Private sector lender IDBI Bank on Saturday reported a 44% 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% 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% 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 ratio improved to 0.34% as on March 31, 2024, as against 0.92% as on March 31, 2023.

The board of IDBI Bank has proposed a dividend of Rs 1.50 per share subject to shareholders' approval.