LIC-controlled IDBI bank turned profitable in the fiscal year ended March after five years, recording a net profit of ₹ 1,359 crore for the year.
In 2019-2020, the lender recorded a net loss of ₹ 12,887 crore. IDBI Bank is back in the dark after five years, the lender said.
In the last quarter of fiscal year 2020-2021, the bank reported an almost four-fold jump in net income to ₹ 512 crore, IDBI Bank said in a press release.
The bank, which exited the RBI’s Rapid Corrective Action (PCA) framework earlier in March, said its turnaround strategies have led to transformation.
Total income during T4FY21 increased to ₹ 6,969.6 crore from ₹ 6,924.9 crore during the same period of 2019-20.
Full annual income, however, was down to ₹ 24,557 crore from ₹ 25,295 crore.
The gross NPA (non-performing asset) ratio improved to 22.4% at March 31 from 27.5%. Net NPA ratio improved to 1.9% from 4.2%