IDBI Bank Q4 Results: Net profit rises 43% to ₹1,628 crore, NII up 12%; dividend declared
- IDBI Bank Q4 Results: The private sector lender's net profit rose 43.7 per cent in the March quarter to ₹1,628.5 crore, compared to ₹1,133.4 crore in the year-ago period
IDBI Bank Q4 Results: IDBI Bank announced its January-March quarter results for fiscal 2023-24 (Q4FY24) reporting a rise of 43.7 per cent in net profit at ₹1,628.5 crore, compared to ₹1,133.4 crore in the corresponding period last year. The private sector lender's net interest income (NII)--the difference between interest earned and interest paid--in the March quarter rose 12.4 per cent to ₹3,687.9 crore, compared to ₹3,279.6 crore in the year-ago period.
The bank's board recommended a dividend of ₹1.50 per equity share for FY24. ‘’The board of directors have recommended a dividend of Rs. 1.50 per Equity share of face value of Rs. 10 each of the bank for the financial year ended March 31, 2024. The dividend on equity shares, will be paid on or after the same is approved by the shareholders at the annual general meeting (AGM) of the bank,'' said IDBI Bank in a regulatory filing to the stock exchanges.
IDBI Bank Q4 Results -Key Metrics
The net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024, compared to 0.92 per cent as on March 31, 2023. Net NPA was unchanged on a sequential basis. The gross NPA stood at 4.53 per cent, down from 6.38 per cent as on March 31, 2023.
The return on Assets (ROA) improved by 39 basis points (bps) to 1.82 per cent for the March quarter compared to 1.43 per cent in the year-ago period. The bank's total income rose to ₹7,887 crore in the period under review, from ₹7,014 crore in the January-March period of fiscal year 2022-23.
The provision coverage ratio (including technical write-offs) improved to 99.09 per cent as on March 31, 2024 from 97.94 per cent as on March 31, 2023. Total deposits increased to ₹2,77,657 crore as on March 31, 2024 compared to ₹2,55,490 crore as on March 31, 2023.
CASA increased to ₹1,40,027 crore and CASA ratio stood at 50.43 per cent as on March 31, 2024. As on March 31, 2023, the total CASA and CASA ratio were at ₹1,35,455 crore and 53.02 per cent respectively. The net advances grew by 16 per cent YoY to ₹1,88,621 crore as on March 31, 2024 compared to ₹1,62,568 as on March 31, 2023.
For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of ₹5,634 crore. In 2022-23, the profit was at ₹3,645 crore. The total income for fiscal year 2023-24 was at ₹30,037 crore, up from ₹24,942 crore in financial year 2022-23. On Friday, shares of IDBI Bank settled 1.91 per cent lower at ₹89.41 apiece on the BSE.
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Business NewsCompaniesCompany ResultsIDBI Bank Q4 Results: Net profit rises 43% to ₹1,628 crore, NII up 12%; dividend declared
First Published:4 May 2024, 03:20 PM IST
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