Private sector lender IDBI Bank Ltd on Friday (June 7) said it has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.

"We wish to inform you that IDBI Bank Ltd has received an Order under Section 254 r.w. Section 143(3) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for the Assessment Year 2016- 17 on June 07, 2024. As per the order, a refund of ₹2701.62 crores (including interest) has been determined," the bank said.

The bank is currently in the process of evaluating the implications of this refund order on its financial statements. This order was issued under Section 254 read with Section 143(3) of the Income Tax Act, 1961, by the Income Tax Department on June 7, 2024.

IDBI Bank's March quarter standalone net profit stood at ₹1,628.5 crore, up nearly 44% over ₹1,133.4 crore reported in the corresponding quarter of the previous financial year. Besides, its net interest income (NII) increased by 12.4% to ₹3,687.9 crore in the fourth quarter compared to ₹3,279.6 crore in the same quarter last year.

IDBI Bank's gross non-performing assets (NPAs) stood at 4.53% against 4.69% on a quarter-on-quarter basis while net NPA ratio remained unchanged at 0.34%. The lender's provision coverage ratio (including technical write-offs) improved to 99.09% in the quarter, compared to 97.94% in the same quarter last year.

IDBI Bank's total deposits increased to ₹2,77,657 crore as on March 31, 2024, compared to ₹2,55,490 crore in the year-ago period. CASA increased to ₹1,40,027 crore and CASA ratio stood at 50.43%.

The bank's net advances grew by 16% YoY to ₹1,88,621 crore as on March 31, 2024, versus ₹1,62,568 as on March 31, 2023. The composition of corporate versus retail in gross advances portfolio stood at 30:70 as of March-end.

Shares of IDBI Bank Ltd ended at ₹85.46, up by ₹1.73, or 2.07%, on the BSE.

Source from: https://www.cnbctv18.com/business/finance/idbi-bank-receives-massive-income-tax-refund-order-share-price-19425378.htm