IDBI Bank Q4 net dips 28% to Rs 554 cr

State-owned IDBI Bank today posted 28% decline in net profit at Rs 554.45 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.

The bank had net profit of Rs 770.79 crore in the same period last year, IDBI Bank said in a filing to the Bombay Stock Exchange (BSE).

Gross non-performing assets (NPAs), as a proportion of advances, rose to 3.22% at the end of March 2013, as against 2.49% in the previous fiscal. Net NPAs also rose to 1.58% during the year from 1.61% at the end of March 2012.

Total income of the bank rose to Rs 7,543.78 crore in January-March quarter as compared to Rs 6,865.97 crore in the same period previous fiscal.

The bank proposed a dividend of 35%, or Rs 3.50, per share for 2012-2013.

For the entire fiscal ended March 31, 2013, the bank's net profit declined 7% at Rs 1,882.08 crore, compared to Rs 2,031.61 crore in 2011-12.

Total income increased to Rs 28,283.81 crore during the year, compared to Rs 25,482.11 crore in the previous fiscal.