May 4th 2024.
In exciting news, IDBI Bank has announced a significant increase in their net profit for the March quarter of the 2023-24 financial year. The private sector lender reported a whopping 44% jump, bringing their net profit to a total of Rs 1,628 crore. This is a substantial growth from the previous year's net profit of Rs 1,133 crore.
Moreover, the bank's total income also saw a positive surge, rising to Rs 7,887 crore in the quarter under review compared to Rs 7,014 crore in the same period of the previous fiscal year. This upward trend has also been reflected in their overall performance for the 2023-24 fiscal year, with a remarkable 55% increase in net profit to an all-time high of Rs 5,634 crore. This is a significant improvement from the previous year's profit of Rs 3,645 crore.
In terms of total income for the 2023-24 fiscal year, IDBI Bank recorded a substantial increase of Rs 30,037 crore, up from Rs 24,942 crore in the financial year 2022-23. This growth can be attributed to the bank's impressive performance in various areas, including a 12% rise in Net Interest Income to Rs 3,688 crore in the March quarter, compared to Rs 3,280 crore in the fourth quarter of the previous fiscal year.
Another noteworthy achievement for IDBI Bank is the improvement in their net non-performing assets ratio, which now stands at 0.34% as of March 31, 2024, compared to 0.92% in the same period of the previous year. This signifies the bank's commitment to maintaining a healthy financial status and reducing potential risks.
In light of their remarkable performance, the board of IDBI Bank has proposed a dividend of 15% for their shareholders, subject to their approval. This is a testament to the bank's dedication to providing value to their stakeholders and rewarding them for their continued support.
Overall, IDBI Bank has delivered an outstanding performance in the 2023-24 fiscal year, achieving record-breaking profits and total income. With their constant efforts towards growth and stability, the bank continues to solidify its position as a leading private sector lender in the financial industry.
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