FY 2022-23 has been a good year for IDBI BankImage Credit source: File Photo

The financial year 2022-23 has been going to bring good days for the public sector IDBI Bank. In the last quarter of the financial year i.e. January-March, the bank’s net profit has increased by 64 percent to Rs 1,133 crore. At the same time, it has been Rs 3,645 crore in the entire financial year, which is the highest profit earned by the bank so far.

Prior to this, in the fourth quarter of the previous financial year 2021-22, the bank had earned a profit of only Rs 691 crore. At the same time, the bank’s profit in the entire 2021-22 was Rs 2,439 crore. That is, there has been a growth of 49% in the total net profit of the bank during 2022-23.

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Dividend to shareholders after 8 years

This year has also been good for the shareholders of the bank. Dividend has been announced by the bank for its shareholders after 8 years. The bank will give a dividend of 10 percent to every share holder. That is, on every share with a face value of Rs 10, the dividend will be credited to the share holders’ account at the rate of Re 1.

Stock gave good returns in 9 months

Not only this, the stock of IDBI Bank has also done wonders in the 9 months after the financial year 2022-23. It was Rs 30.80 on June 30, 2022, which reached Rs 45 on March 31, 2023. In this way, the shareholders of the bank got a return of 46.10 percent during the 9 months of the financial year 2022-23.

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Earning from interest increased by 35 percent

In the fourth quarter of the financial year 2022-23, the bank’s net income from interest increased by 35 percent to Rs 3,280 crore. In the same quarter of the financial year 2021-22, this figure was just Rs 2,420 crore. At the same time, it has increased by 12 percent as compared to the October-December quarter. Then it was Rs 2,925 crore.

bank’s bad loans decreased

The condition of the bank has improved even at the level of non-performing asset (NPA) i.e. bad loans. The gross NPA of the bank has come down to 6.38 percent in the fourth quarter. While it was 20.16 percent in the January-March quarter of the financial years 2021-22. At the same time, the net NPA of the bank has now come down to 1 percent. It has come down to 0.92 percent in the January-March quarter.

LIC and the government have a major stake in IDBI Bank. The government has been trying for a long time to sell its stake in the bank. While LIC is also keen to sell its stake in the bank.