IDBI Bank on April 29 reported a 64.1 percent jump in its standalone net profit at Rs 1,133 crore for the March quarter. Net profit stood at Rs 691 crore in the year-ago period.
Net interest income (NII) for the quarter came in at Rs 3,279.6 crore, up 35.3 percent from Rs 2,420.5 crore in the corresponding period last fiscal, IDBI Bank said in an exchange filing..
The bank's capital adequacy ratio (CAR) improved to 20.44 percent from 19.06 percent year-on-year and 20.14 percent sequentially. CAR is an indicator of how well a bank can meet its obligations.
Provisions for the quarter jumped 26 percent sequentially and 47 percent year-on-year to Rs 983.63 crore.
On the asset quality front, the bank recorded significant improvement with gross NPA (non performing assets) falling to 6.38 percent from 13.82 percent in the December quarter. Net NPA fell to 0.92 percent from 1.08 percent a quarter ago.
Along with the announcement of Q4 results, the board of directors recommended a dividend of Rs 1 per equity share of face value of Rs 10 each of FY23.
On April 28, IDBI Bank shares closed flat at Rs 54.55 a piece on the NSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
