Press Release4 May 2024, 07:59 pm
IDBI Bank Reports 55% Year-on-Year Increase in Profits for FY 2024, Dividend Proposed at 15%
AI Summary
IDBI Bank Limited has announced its audited financial results for the quarter and year ended March 31, 2024. The bank reported a net profit of ₹5,634 crore for the fiscal year, marking a 55% year-on-year (YoY) growth. The profits for the quarter were ₹1,628 crore, representing a 12% quarter-on-quarter (QoQ) growth. The gross non-performing assets (NPA) stood at 4.53%, down from 6.38% a year ago. The net NPA was 0.34%, a significant reduction from 0.92% as of March 31, 2023. The provision coverage ratio (PCR) stood at 99.09%, and the capital adequacy ratio (CRAR) was 22.26%. A proposed dividend of 15% is subject to shareholder approval at the upcoming Annual General Meeting.
Key Highlights
- IDBI Bank reported a net profit of ₹5,634 crore for FY 2024, marking a 55% YoY increase.
- Operating profit for the fiscal year was ₹79,592 crore with a YoY growth of 10%.
- Net profit for Q4 FY 2024 was ₹1,628 crore, marking a 12% QoQ growth.
- Gross NPA stood at 4.53%, a YoY reduction of 185 bps.
- Net NPA reduced from 0.92% to 0.34% as of March 31, 2024.