IDBI Bank Q4 net profit up 22% to Rs 1,113 crore

MUMBAI: IDBI Bank has reported a net profit of Rs 1,113 crore for the quarter ended on March 2023, an increase of 22% from Rs 927 crore in the corresponding quarter last year.
The jump in earnings for the quarter was driven by a Rs 568 recovery from loans that were earlier written off.
The bank ended the year with a 10% increase in deposits and advances. Total deposits rose to Rs 2.6 lakh crore from Rs 2.3 lakh crore last year, and advances ended the year at Rs 1.6 lakh crore compared to Rs 1.5 lakh crore last year. The bank’s full-year net profit stood at Rs 3,645 crore, an increase of 49% in FY22. The operating profit for the year increased by 17% to Rs 8,736 crore.

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