Buzzing stock: This Bank reports a 66 per cent rise in Q4 consolidated net profit!

As the season of financial results is on, this trending bank stock reported results for Q4FY23 on April 29.

In comparison to the same quarter last year, IDBI Bank's net profit for the fourth quarter which ended on March 31, 2023, increased by 65.63 per cent to Rs 1,216.81 crore from Rs 734.66 on a consolidated basis. In Q4FY23, the bank's total revenue climbed by 28.96 per cent to Rs 7,133.43 crore from Rs 5,531.39 crore in a similar period the year prior. 

On a consolidated basis, the bank recorded a 46.27 per cent increase in net profit for the year ended March 31, 2023, from Rs 2,533.67 crore to Rs 3,706.06 crore. When compared to the year ended March 31, 2022, the bank's total revenue increased by 8.31 per cent to Rs 25,166.91 crore for the year under review as compared to Rs 23,235.02 crore. 

IDBI Bank reported results for the fourth quarter and year ended March 31, 2023, on Friday, April 29, 2023. 

On April 28, 2023, the scrip closed at Rs 54.62 at BSE and today opened at Rs 55.80 and currently trading at Rs 55.34. Till now it has touched a high and low of Rs 56.31 and Rs 55.28, respectively. So far 3,80,701 shares were traded on the counter at BSE. It has touched a 52-week high of Rs 62 and a 52-week low of Rs 30.50. 

IDBI Bank is engaged in the business of Monetary intermediation of commercial banks, saving banks, postal savings bank and discount houses.