IDBI Bank gets income tax order worth ₹2,702 crore refund for AY 2016-17

Shares of IDBI Bank closed at Rs 44.95, up 2.16 per cent over previous close on the BSE

Private sector lender IDBI Bank on 7 June said that it has got an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17. In a regulatory filing IDBI Bank said,"We wish to inform you that IDBI Bank Ltd has received an Order under Section 254 r.w. Section 143(3) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for the Assessment Year 2016- 17 on June 07, 2024. As per the order, a refund of ₹2701.62 crores (including interest) has been determined."

Meanwhile, IDBI Bank last month reported a 44 per cent jump in net profit at Rs 1,628 crore in the March quarter of financial year 2023-24. In comparison, the bank had posted a net profit of Rs 1,133 crore in the year-ago period.

Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23. For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore. Total income for the fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Shares of IDBI Bank closed at Rs 85.55, up 2.27 per cent on Friday over previous close on the BSE.

Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23. Net non-performing assets (NPA) ratio improved to 0.34 per cent as of March 31, 2024, as against 0.92 per cent as of March 31, 2023. The board of IDBI Bank has proposed a dividend of 15 per cent subject to shareholders’ approval.

*With Agency Inputs