IDBI Bank on Saturday reported March quarter standalone profit after tax of Rs 1,628.46 crore, which was about 44% higher than what was reported in the corresponding quarter of the previous financial year.
Its net interest income (NII) rose 12% to Rs 3,688 crore vs Rs 3,280 crore on a YoY basis while return on assets (RoA) improved by 39 bps to 1.82% for Q4 as compared to 1.43% for in Q4 of the corresponding quarter of the previous financial year.
IDBI Bank's gross NPA ratio improved to 4.53% as against 6.38% YoY while net NPA ratio also improved to 0.34% vs 0.92% YoY.
Its Provision Coverage Ratio (including Technical Write-Offs) improved to 99.09% as on March 31, 2024, from 97.94% in the same period last year.
Total deposits increased to Rs 2,77,657 crore as on March 31, 2024, as against Rs 2,55,490 crore as on March 31, 2023. CASA increased to Rs 1,40,027 crore and CASA ratio stood at 50.43%.
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Net advances grew by 16% YoY to Rs 1,88,621 crore as on March 31, 2024, as against Rs 1,62,568 as on March 31, 2023. The composition of corporate v/s retail in gross advances portfolio stood at 30:70 as of March-end.
Tier 1 Capital improved to 20.11% in Q4 of FY24 vs 18.08% in FY23-end.
The cost of deposits stood at 4.48% vs 3.71% YoY while the cost of funds stood at 4.74% vs 3.96% YoY.
The lender has also announced a dividend of Rs 1.50 per share which will be will be paid on approval by shareholders at the ensuing Annual General Meeting (AGM) of the bank.
IDBI Bank shares ended 2% lower at Rs 89.41 on BSE on Friday.
