IDBI Bank Receives Rs 2,702 Crore Income Tax Refund for 2016-17

IDBI Bank has received an income tax refund amounting to Rs. 2,701.62 crores for the assessment year 2016-17, post an announcement from the private sector lender on Friday (7 June). In an exchange filing, IDBI Bank Ltd disclosed “the Bank has received an Order from the Income Tax Department, Government of India, under Section 254 r/w Section 143(3) of the Income Tax Act, 1961, for the assessment year 2016-17 on June, 7, 2024”.

The bank has stated “the Order specifies refund of Rs. 2701.62 crores (including interest)”, further, the Bank is at present analyzing for any impact the refund might have in their financials. This Order from the Income Tax Department was shared on June 7, 2024, under Section 254 r/w with Section 143(3) of the Income Tax Act, 1961

The IDBI Bank had reported a 44% hike in net profit figure, Rs 1,628.5 crores for the March quarter. It had a net interest income figure of Rs 3,687.9 crore, a 12.4% from the previous year.

The gross non-performing assets (NPAs) have decreased to 4.53% quarter-on-quarter with the net NPA ratio coming in at 0.34%. Also, the total deposits of the Bank came in at Rs 2,77,657 crores, while the net advances are higher at Rs 1,88,621 crores, with a 16% year-on-year increase. Shares of the IDBI Bank were seen closing at Rs 85.46 on the Bombay Stock Exchange (BSE) by the end of the session, an increase of 2.07%.