IDBI Bank, which is to be divested by the Centre, on Saturday reported robust numbers for the fourth quarter ended March 31, 2023, as net profits surged 64 per cent following healthy growth in its core net interest income (NII).

Standalone net profits of the lender rose to Rs 1,133.37 crore from Rs 690.60 crore in the corresponding period of the previous year. This is its highest standalone quarterly net profit.

For the full year, the net profit came at Rs 3,645 crore also a record. It showed a rise of 49 per cent over Rs 2,439 crore recorded in the previous fiscal.

This came as its core NII (interest earned minus interest paid) improved by 35 per cent during the quarter to Rs 3,280 crore from Rs 2,420 crore in the year-ago quarter.

There was good news also in its asset quality with the percentage of gross non-performing assets (NPAs) to gross advances declining to 6.38 per cent from 13.82 per cent on a sequential basis. In absolute terms, the gross NPAs stood at Rs 10,969.29 crore compared with Rs 23,535.06 crore during the same period.

Low-cost CASA (current accounts and saving accounts) deposits increased to Rs 1.35 lakh crore. On the other hand, the CASA ratio stood at 53.02 per cent as on March 31, 2023. A year ago, CASA and the ratio stood at Rs 1.32 lakh crore and 56.77 per cent, respectively.