The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today and approved the financial results for the Quarter ended March 31, 2023. The Bank has set off its accumulated losses of ₹45,396.18 crore as on April 01, 2021 by utilizing the balance outstanding to the credit of Securities Premium Account of the Bank on said date, after obtaining approval from its shareholders, Reserve Bank of India and National Company Law Tribunal.
IDBI Bank was conferred as one of the Best BFSI Brands – 2023, at Economic Times Best BFSI Brands 2023 Conclave. The event recognized the Bank’s stellar contribution in providing outstanding digital customer experiences, minimizing cyber security threats, accelerating technology innovation and minimizing customer’s risk profile.
Net Profit improved by 64% for Q4-2023 to ₹1,133 crore as against net profit of ₹691 crore for Q4-2022. Operating profit improved by 60% for Q4-2023 to ₹2,425 crore as against ₹1,513 crore for Q4-2022. Net Interest Income improved by 35% for Q4-2023 to ₹3,280 crore as against ₹2,420 crore for Q4-2022. Net Interest Margin (NIM) improved to 5.01% for Q4-2023 as compared to 3.97% for Q4-2022. Cost of Deposit has increased by 28 bps to 3.71% for Q4-2023 as compared to 3.43% for Q4-2022. Cost of Funds has increased by 27 bps to 3.96% for Q4-2023 as compared to 3.69% for Q4-2022.