IDBI Bank Q1 Results: Lender signs MoU with Ashok Leyland for channel financing partnership
Ashok Leyland CFO Gopal Mahadevan said. IDBI Bank Deputy Managing Director, Suresh Khatanhar said that the bank's digital channel finance tool called 'e-Supply Chain Financing' has been purposely created to cater to the working capital needs of authorized dealers and traders affiliated with corporations.
"Our partnership will enable us to serve numerous businesses in India. Through the e-SCF tool, our goal is to provide seamless financial support to Ashok Leyland's dealers, fostering growth and resilience in the entire supply chain," Khatanhar added.
The MoU comes as IDBI Bank released their Q1 results on Monday and reported a 62% jump in net profit year-on-year which reached ₹ ₹1,224.2 crore as compared to ₹756.4 crore in the same quarter last year. During the initial quarter of the financial year 2023-2024, the lender experienced substantial growth in its net interest income (NII), which rose by an impressive 60.7% to reach ₹3,997.6 crore, compared to ₹2,487.5 crore in the previous year.
IDBI Bank also witnessed a significant increase in its net interest margin (NIM) for the quarter, with a growth of 178 basis points (bps) year on year, bringing the NIM to 5.80% from 4.02% in the first quarter of the previous financial year, FY23. Furthermore, the operating profit for the quarter surged by 47% to ₹3,018.72 crore, in contrast to ₹2,051.81 crore reported in the corresponding period of the previous year.
Read more on livemint.com
