LIC-controlled IDBI Bank turned profitable in the fiscal ended March after five years, posting a net profit of Rs.1,359 crore for the year.
In 2019-20, the lender had posted a net loss of Rs.12,887 crore. IDBI Bank is back in black after five years, said the lender.
In the last quarter of the fiscal year 2020-21, the bank reported an almost fourfold jump in its net profit to Rs.512 crore, IDBI Bank said in a press release
The bank, which came out of the RBI’s prompt corrective action (PCA) framework earlier in March, said its turnaround strategies led to the transformation.
Total income during Q4FY21 rose to Rs.6,969.6 crore from Rs.6,924.9 crore in the same period of 2019-20.
The full year income, however, was down to Rs.24,557 crore against Rs.25,295 crore.
Gross NPA (non-performing asset) ratio improved to 22.4% as on March 31 against 27.5%. Net NPA ratio improved to 1.9% from 4.2%
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