IDBI Bank profit up 64 percent
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New Delhi State-owned IDBI Bank Ltd’s net profit for the fourth quarter of the fiscal ended at Rs 1,133 crore, a growth of 64 per cent as against Rs 691 crore in the corresponding period of the previous financial year.
The bank said in a statement released on Sunday that it had a net profit of Rs 1133 crore in the last quarter of the financial year 2022-23, which is 64 percent more than Rs 691 crore in the financial year 2021-22. Its operating profit increased by 60 per cent to Rs 2425 crore as against Rs 1513 crore during the period.
Similarly, its net interest income grew by 35 per cent to Rs 3,280 crore as compared to Rs 2,420 crore during the period under review. Its gross non-performing assets (NPAs) came down from 20.16 per cent to 6.38 per cent. Similarly, its net NPA has come down from 1.36 percent to 0.92 percent.
The bank’s net profit increased by 49 percent to Rs 3645 crore in the financial year 2022-23 ended March 31. Similarly, its operating profit has increased by 17 percent to Rs 8736 crore during the period under review.
The IDBI Board has proposed a dividend of Re 1 per share after 8 years subject to the approval of the members in the ensuing Annual General Meeting. The bank has opened 42 new branches during FY 2023 after 5 years.
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