IDBI Bank reports 44% surge in Q4 net profit
IDBI Bank, a prominent private sector lender, has reported a significant 44% increase in its net profit, for the fourth quarter of the fiscal year 2023-24. The bank's net profit rose to ₹1,628 crore from ₹1,133 crore during the same period last year. Additionally, IDBI Bank's total income for this quarter also saw an increase, rising from ₹7,014 crore to ₹7,887 crore.
Annual net profit hits all-time high
For the entire fiscal year of 2023-24, IDBI Bank's net profit saw a remarkable increase of 55%, reaching an all-time high of ₹5,634 crore. This is a significant rise from the previous fiscal year's profit of ₹3,645 crore. The bank also reported its total income for the fiscal year at ₹30,037 crore, up from ₹24,942 crore in the financial year 2022-23.
NII and NPA ratio show positive trends
IDBI Bank's net interest income (NII) experienced a 12% boost in the March quarter, rising to ₹3,688 crore from ₹3,280 crore in the fourth quarter of the previous fiscal year. The bank also made significant strides in reducing its net non-performing assets (NPA) ratio. The ratio improved to a mere 0.34% as of March 31, 2024, marking a substantial improvement from a ratio of 0.92% as of March 31, 2023.
