IDBI Bank reports 55% rise in profits on YoY basis
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Highlights for FY 2024
* Net profit at ?5,634 crore, YoY growth of 55%.
* Operating Profit at ?9,592 crore, YoY growth of 10%.
* NIM at 4.93%, YoY growth 41 bps.
* Cost of Deposit stood at 4.30%.
* CRAR at 22.26%, YoY growth of 182 bps.
* Return on Assets (ROA) at 1.65%, YoY growth of 45 bps.
* Return on Equity (ROE) at 19.50%, YoY growth of 335 bps.
* Cost to Income Ratio stood at 46.10%.
* Net NPA at 0.34%, down from 0.92% as on March 31, 2023.
* Gross NPA at 4.53%, down from 6.38% as on March 31, 2023.
* PCR stood at 99.09% as against 97.94% on March 31, 2023.
Highlights for Q4 of FY 2024
* Net Profit improved by 44% for Q4-2024 to ?1,628 crore as against net profit of ?1,133 crore for Q4-2023.
* Net Interest Income improved by 12% for Q4-2024 to ?3,688 crore as against ?3,280 crore for Q4-2023.
* Return on Assets (ROA) improved by 39 bps to 1.82% for Q4-2024 as compared to 1.43% for Q4-2023
* Cost of Deposit stood at 4.48% for Q4-2024 as compared to 3.71% for Q4-2023.
* Cost of Funds stood at 4.74% for Q4-2024 as compared to 3.96% for Q4-2023.
Business Growth
* Total Deposits increased to ?2,77,657 crore as on March 31, 2024 as against ?2,55,490 crore as on March 31, 2023.
* CASA increased to ?1,40,027 crore and CASA ratio stood at 50.43% as on March 31, 2024. As on March 31, 2023, total CASA and CASA ratio were at ?1,35,455 crore and 53.02% respectively.
* Net advances grew by 16% YoY to ?1,88,621 crore as on March 31, 2024 as against ?1,62,568 as on March 31, 2023.
* The composition of corporate v/s retail in gross advances portfolio stood at 30:70 as on March 31, 2024.
Asset Quality
* Gross NPA ratio improved to 4.53% as on March 31, 2024 as against 6.38% as on March 31, 2023.
* Net NPA ratio 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 March 31, 2024 from 97.94 % as on March 31, 2023.
Capital Position
* Tier 1 Capital improved to 20.11% as on March 31, 2024 as against 18.08% as on March 31, 2023.
* CRAR improved to 22.26% as on March 31, 2024 as against 20.44% as on March 31, 2023.
* Risk Weighted Assets (RWA) stood at ?1,76,531 crore as on March 31, 2024 as against ?1,63,719 crore as on March 31, 2023.
Significant developments
* IDBI Bank achieved a significant milestone of 2000 plus branches Pan India.
* IDBI Bank won the Industry Best Data Quality Index (DQI) Award for both Consumer and Commercial Bureau from Transunion CIBIL.
* IDBI Bank ranked 5th globally among Banks in ’Social Media Power 100’ published by The Financial Brand.
* IDBI Bank won the Dhanam Best Private Sector Bank of the Year Award- 2023 at The Dhanam BFSI Summit 2024.
* IDBI Bank Ltd. signed a Memorandum of Understanding (MoU) with Honda Cars India Ltd (HCIL) for Inventory Financing. This new alliance will enable IDBI Bank branches to approach 316+ dealers, outlets of Honda Cars across 240+ cities for inventory financing requirement.
The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today and approved the financial results for the Quarter and Year ended March 31, 2024.
IDBI Bank Ltd
Key Summary for Q4 and FY ended March 31, 2024
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