IDBI Bank reported on April 29 that its stand-alone net profit rose 64.1% to Rs 1,133 crore in the March quarter. Net profit for the same period last year was Rs 691 crore.
The bank’s net interest income stood at Rs 3,279.6 crore in the quarter, up 35.3% from Rs 2,420.5 crore in the same period.
The bank’s capital adequacy ratio improved to 20.44% from 19.06% a year earlier and 20.14% in the previous quarter. The capital adequacy ratio (CAR) indicates a bank’s ability to meet its obligations.
Provisions for the quarter rose 26% quarter-on-quarter and 47% year-on-year to Rs 983.63 crore.
Regarding asset quality, the bank’s gross non-performing assets (non-performing assets) showed a marked improvement, falling to 6.38% from 13.82% in the fourth quarter of last year. Net NPA fell to 0.92% from 1.08% a quarter earlier.
With the release of fourth-quarter results, the board recommended a dividend of Re 1 per equity share at face value of Rs 10 per share for FY23.
IDBI Bank shares closed flat at Rs 54.55 on the NSE on April 28.