IDBI Bank Q4 PAT climbs 44% to Rs 1,628 cr

IDBI Bank announced that its standalone net profit jumped 44% to Rs 1,628 crore in Q4 FY24 as compared with 1,133 crore in Q4 FY23.

Total income increased 12.45%YoY to Rs 7,886 crore in the quarter ended 31 March 2024.

Operating profit declined 10% to Rs 2,175 crore in Q4 FY24 as compared with Rs 2,425 crore in Q4 FY23.

Net interest income (NII) jumped 12% to Rs 3,688 crore in Q4 FY24 from Rs 3,280 crore in Q4 FY23.Net interest margin (NIM) reduced by 10 bps to 4.91% in Q4 FY24 as against 5.01% in Q4 FY23.

Total deposits increased to Rs 2,77,657 crore as on 31 March 2024 as compared with Rs 2,55,490 crore in 31 March 2023.

CASA rises to Rs 140,027 crore as on 31 March 2024 as compared with Rs 135,455 crore as on 31 March 2023 while casa ratio fell to 50.43% as on 31 March 2024 as against 53.02% as on 31 March 2023.

The composition of corporate versus retail in gross advances portfolio stood at 30:70 as on March 31, 2024.

Gross NPA stood at Rs 8,916 crore as on 31 March 2024 as compared with Rs 8,589.40 crore as on 31 December 2023 and Rs 10,969.29 crore as on 31 March 2023.

Gross NPA to gross advances ratio improved to 4.53% as on March 31, 2024 as against 6.38% as on March 31, 2023. Net NPA ratio to net advances improved to 0.34% as on March 31, 2024 as against 0.92% as on March 31, 2023.

Provision Coverage Ratio (including technical write-offs) improved to 99.09% as on 31 March 2024 from 97.94 % as on 31 March 2023.

Tier 1 Capital improved to 20.11% as on 31 March 2024 as against 18.08% as on 31 March 2023. Capital adequacy ratio (CRAR) improved to 22.26% as on 31 March 2024 as against 20.44% as on 31 March 2023.

Risk Weighted Assets (RWA) stood at Rs 1,76,531 crore as on 31 March 2024 as against Rs 1,63,719 crore as on 31 March 2023.

Meanwhile, the board has declared a dividend of Rs 1.50 per equity share for FY24. The dividend will be paid on or after the same is approved by the shareholders at the ensuing Annual General Meeting (AGM) of the Bank.

IDBI Bank is a banking company. Its segments include corporate / wholesale banking segment, which includes corporate relationship covering deposit and credit activities other than retail and also covers corporate advisory / syndication, project appraisal.

The scrip fell 1.91% to end at Rs 89.41 on Friday, 3 May 2024.

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