“IDBI Bank Soars: A Fiscal Triumph with 44% Surge in Net Profit”IDBI.

IDBI Bank, a private sector lender, has reported a remarkable 44% increase in net profit for the March quarter of financial year 2023-24, reaching Rs 1,628 crore. IDBI bank.

This is compared to the bank’s net profit of Rs 1,133 crore in the same period last year. The bank’s total income has also gone up to Rs 7,887 crore in the March quarter, from Rs 7,014 crore in the January-March period of the previous year.

For the fiscal year 2023-24, IDBI Bank has achieved an all-time high net profit of Rs 5,634 crore, showing a growth of 55% from the profit of Rs 3,645 crore reported in the previous fiscal year.

Additionally, total income for the year 2023-24 has reached Rs 30,037 crore, up from Rs 24,942 crore in the financial year 2022-23.

IDBI Bank’s net interest income has also improved by 12% in the March quarter, reaching Rs 3,688 crore, compared to Rs 3,280 crore in the fourth quarter of 2022-23. Furthermore,

the bank’s net non-performing assets (NPA) ratio has improved to 0.34% as of March 31, 2024, compared to 0.92% as of March 31, 2023.

The bank’s board has proposed a dividend of 15% subject to the approval of the shareholders.