IDBI Bank rises 3% on healthy Q4 earnings
Its net profit rose 49% to Rs 771 cr
IDBI Bank is trading higher by 3% at Rs 109 after reporting a healthy 49% year-on-year (y-o-y) jump in net profit at Rs 771 crore for the fourth quarter ended March 2012, due to fall in tax liabilities. The tax expenses for Q4 declined 59% to Rs 150 crore on y-o-y basis.
Net interest income (NII) increased 9% at Rs 1,211 crore y-o-y, while net interest margins (NIMs) for the quarter were up 21 basis points (bps) over the previous quarter at 2.07%.
The CASA ratio of the bank was up to 24.10% in Q4, compared to the 19.7% at the end of the December 2011 quarter. However, the gross non-performing assets (NPAs) for the bank in Q4 fell sequentially from 2.94% to 2.49%.
A combined 380,000 shares have changed hands on the counter in opening deals on both the exchanges.