IDBI Bank posts strong Q4 results: Net profit surges by 44% to Rs 1,628 crore

IDBI Bank Q4 results: Private sector lender IDBI Bank on Sunday posted robust financial results for the fourth quarter of the fiscal year 2023-24. The bank reported a significant 44 per cent increase in net profit, reaching Rs 1,628 crore for the March quarter, compared to Rs 1,133 crore in the corresponding period last year.

Total income for the quarter surged to Rs 7,887 crore, marking a notable rise from Rs 7,014 crore in the January-March period of the previous fiscal year.

The fiscal year 2023-24 has been exceptionally favourable for IDBI Bank, witnessing a 55 per cent growth in net profit, which soared to an all-time high of Rs 5,634 crore, compared to Rs 3,645 crore in the previous fiscal year. Similarly, total income for the fiscal year surged to Rs 30,037 crore, up from Rs 24,942 crore in the fiscal year 2022-23.

A significant contributor to the bank's positive performance was the improvement in Net Interest Income (NII), which witnessed a 12 per cent increase in the March quarter, reaching Rs 3,688 crore compared to Rs 3,280 crore in the fourth quarter of the previous fiscal year.

Another highlight of IDBI Bank's performance is the improvement in its net non-performing assets (NPA) ratio, which stood at 0.34 per cent as of March 31, 2024, significantly down from 0.92 per cent recorded on March 31, 2023.

(With PTI inputs.)