IDBI Bank registers 44 per cent jump in net profit for Jan-March quarter

MUMBAI: The IDBI Bank on Saturday reported a 44 per cent jump in standalone net profit to Rs 1,628.5 crore for the January-March quarter of 2023-24 compared to the corresponding figure of Rs 1,133 crore for the same period of the previous financial year.

The bank's net interest income (NII) rose 12 per cent to Rs 3,688 crore from Rs 3,280 crore while return on assets (RoA) improved by 39 bps to 1.82 per cent for Q4 as compared to 1.43 per cent in the same quarter of the previous year.

IDBI Bank's Board of Directors have recommended a dividend of Rs 1.50 per equity share for the financial year ended March 31, 2024.

The bank's net interest margin (NIM) declined to 4.91 per cent from 5.01 per cent in the year-ago quarter.

Provisions (other than tax) and contingencies were down 88 per cent at Rs 114 crore from Rs 984 crore last year.

IDBI Bank's provisions on bad debts written off came down sharply to Rs 1,049 crore from Rs 3,587 crore in the same quarter of the previous year.

The asset quality of the bank improved during the quarter with gross NPA falling to 4.53 per cent of total loans as of March-end 2024, against 4.69 per cent as of December-end 2023.

The net NPA to net advances position was unchanged at 0.34 per cent.

Gross advances of the bank rose by 14.44 per cent year-on-year to Rs 1,96,894 crore.