IDBI Bank Q4 Results: Net profit rises 43% to ₹1,628 crore, NII up 12%; dividend declared

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.

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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Published: 04 May 2024, 03:20 PM IST