IDBI Bank recorded a remarkable 44% increase in net profit, reaching Rs 1,628 crore in the March quarter of the fiscal year 2023-24, compared to Rs 1,133 crore in the same period last year. Total income surged to Rs 7,887 crore from Rs 7,014 crore in the previous year’s corresponding quarter. For the entire fiscal year 2023-24, the bank achieved a record net profit of Rs 5,634 crore, marking a 55% growth from the previous year. Total income for the fiscal year rose to Rs 30,037 crore. The bank’s net interest income saw a 12% improvement, reaching Rs 3,688 crore. Additionally, the net non-performing assets (NPA) ratio improved to 0.34% compared to 0.92% in the previous year. The bank’s board proposed a dividend of 15%, pending shareholders’ approval.
IDBI Bank Reports Strong Financial Performance with 44% Jump in Net Profit
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