 "IDBI Bank gains as assets quality improves in Q4")
IDBI Bank has rallied 6% to Rs 71 on the NSE in an otherwise subdued market after the public sector lender reported an improvement in its asset quality for the January-March quarter (Q4) on a sequential basis.
“The gross non-performing assets (NPA) as a percentage of total advances stood at 5.88% as on March 2015 from 5.94% in December 2014, and the net NPAs were down to 2.88% from 3.05% in the last quarter,” IDBI Bank said in a statement.
Meanwhile, the bank has posted single digit 5.2% year-on-year growth in standalone net profit at Rs 546 crore in the March quarter on subdued growth in interest income and higher provision slippages. It had profit of Rs 518 crore in the year-ago quarter and Rs 103 crore in previous quarter.
The net interest income (NII) for the reporting quarter was up 5.4% at Rs 1,660 crore from Rs 1,574 crore in the fourth quarter of FY14.
The stock opened at Rs 68.10 and touched a low of Rs 67.40 on the NSE. A combined 4.7 million shares changed hands on the counter on the NSE and BSE till 1009 hours.
“The gross non-performing assets (NPA) as a percentage of total advances stood at 5.88% as on March 2015 from 5.94% in December 2014, and the net NPAs were down to 2.88% from 3.05% in the last quarter,” IDBI Bank said in a statement.
Meanwhile, the bank has posted single digit 5.2% year-on-year growth in standalone net profit at Rs 546 crore in the March quarter on subdued growth in interest income and higher provision slippages. It had profit of Rs 518 crore in the year-ago quarter and Rs 103 crore in previous quarter.
The net interest income (NII) for the reporting quarter was up 5.4% at Rs 1,660 crore from Rs 1,574 crore in the fourth quarter of FY14.
The stock opened at Rs 68.10 and touched a low of Rs 67.40 on the NSE. A combined 4.7 million shares changed hands on the counter on the NSE and BSE till 1009 hours.
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