IDBI Bank on Saturday announced its financial results for the fourth quarter ending March 31, 2023. The bank reported a significant improvement in its financial performance with a 64.1 percent year-on-year increase in net profit, which stood at Rs 1,133.4 crore compared to Rs 691 crore in the same period last year.

The bank's net interest income (NII) also witnessed a healthy growth of 35.3 percent at Rs 3,279.6 crore as compared to Rs 2,420.5 crore in the corresponding quarter of the previous year.

IDBI Bank's asset quality showed a marked improvement in the quarter, with its gross non-performing assets (GNPA) decreasing from Rs 23,535.1 crore in the previous quarter to Rs 10,969.3 crore. The bank's net NPA also declined to Rs 1,494.7 crore from Rs 1,595.6 crore in the previous quarter.

The gross NPA ratio decreased from 13.82 percent in the previous quarter to 6.38 percent, and the net NPA ratio declined from 1.08 percent in the previous quarter to 0.92 percent.

The bank's provisions also increased by 47.4 percent year-on-year, standing at Rs 986.3 crore compared to Rs 669.2 crore in the same period last year.

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