Net Profit of this large-cap bank has jumped by 66% during Q4
The Bank is engaged in the business of Monetary intermediation of commercial banks, saving banks, postal savings bank and discount houses.
The net profit of quarter four for IDBI Bank increased by 64.11% to Rs 1,133.37 crore from Rs 690.60 crore for the corresponding quarter the year prior. Comparing the fourth quarter of FY23 to the same quarter in FY22, the bank's total revenue increased by 28.87% to Rs 7,013.84 crore compared to Rs 5,442.55 crore.
On a consolidated basis, in comparison to the same quarter last year, the bank's net profit for the fourth quarter which ended on March 31, 2023, increased by 65.63% to Rs 1,216.81 crore. In Q4FY23, the bank's total revenue increased by 28.96% to Rs 7,133.43 crore from Rs 5,531.39 crore in the corresponding quarter the year prior.
Share Price Movement of IDBI Bank Ltd
The scrip opened on Wednesday at Rs 53.90 and touched a high and low of Rs 54.67 and Rs 53.20, respectively. Its 52-week high stood at Rs 62.00, whereas its 52-week low was Rs 30.50. The current market cap of the company is Rs 57,772.66 crore. Promoters hold 94.72%, whereas the Institutional and non-institutional holdings is 0.38% and 4.91%, respectively.
IDBI Bank Ltd. serves clients from all market segments as a full-service universal bank. The Industrial Development Bank of India, which served as IDBI Bank's predecessor organisation from July 1, 1964, to September 30, 2004, was an apex Development Financial Institution (DFI) in the industrial sector. As a DFI, the former IDBI expanded its scope beyond merely project financing to include a variety of services that aided in the development of identified underdeveloped regions, a new spirit of entrepreneurship, and the growth of a deep and active capital market.
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