IDBI Bank on Saturday posted a 64 per cent rise in net profit to Rs 1,133 crore for the fourth quarter ended March 2023 due to a fall in bad loans.
The bank posted a net profit of Rs 691 crore for the same quarter of 2021-22.
Total income during the January-March period increased to Rs 7,013.84 crore from Rs 5,444.08 crore in the year-ago period, IDBI Bank said in a regulatory filing.
The bank’s net interest income during the period grew to Rs 3,280 crore against Rs 2,420 crore a year ago. The board has recommended a dividend of Re 1 per equity share of face value of Rs 10 each for the financial year ended March 31, 2023.
The proportion of gross bad loans or non-performing assets (NPAs) of the bank fell significantly to 6.38 per cent of gross loans at March-end 2023 from 20.16 per cent by March 2022.
In value terms, gross NPAs stood at Rs 10,969 crore against Rs 34,115 crore.
Likewise, net NPAs came down to 0.92 per cent from 1.36 per cent at the end of the fourth quarter of the previous fiscal.
Provisions for bad loans and contingencies for the quarter however increased to Rs 983.63 crore from Rs 669.23 crore parked aside by the bank for the March quarter of 2021-22.
For the full year, the bank’s net profit grew 49 per cent to Rs 3,645 crore from Rs 2,439 crore in 2021-22.
Total income during the year rose to Rs 24,941.76 crore from Rs 22,985 crore in the previous fiscal.