IDBI Bank hit an upper circuit of 5% at Rs 40.30, rising for the twelfth consecutive trading session.
IDBI Bank has soared 107.7% in 12 trading sessions from its closing low of Rs 19.40 on 20 May 2020.The stock came in the limelight after the bank reported a turnaround Q4 numbers on 30 May 2020. Since announcing the Q4 numbers, the stock has gained 98.5% in six trading sessions.
IDBI Bank returned to profit after reporting net loss for last 13 quarters. The bank reported a net profit of Rs 135 crore as against net loss of Rs 4918.44 crore in Q4 March 2019. Total income rose 4.7% to Rs 6924.94 crore in Q4 March 2020 from Rs 6616.06 crore in Q4 March 2019. Profit before tax (PBT) stood at Rs 289.66 crore in Q4 March 2020 as against a pre-tax loss of Rs 7136.90 crore in Q4 March 2019.
IDBI Bank posted net interest income of Rs 2356 crore in Q4 March 2020, rising 46% year-on-year from Rs 1609 crore posted in the same period last year. Net interest margin stood at 3.8% in Q4 March 2020, rising 154 basis points from 2.26% in Q4 March 2019.
On the asset quality front, Gross non-performing assets (NPAs) stood at Rs 47,272.37 crore as on 31 March 2020 as against Rs 49,502.68 crore as on 31 December 2019 and Rs 50,027.94 crore as on 31 March 2019.
The ratio of gross NPAs to gross advances stood at 27.53% as on 31 March 2020 as against 28.72% as on 31 December 2019 and 27.47% as on 31 March 2019. The ratio of net NPAs to net advances stood at 4.19% as on 31 March 2020 as against 5.25% as on 31 December 2019 and 10.11% as on 31 March 2019.
Provisions and contingencies declined 81.4% to Rs 1584.14 crore in Q4 March 2020 from Rs 8532.78 crore in Q4 March 2019. Provision coverage ratio (including technical write-offs) is 93.74% as on 31 March 2020.
IDBI Bank offers a wide range of products from savings and current bank account to loans for retail and MSME customers or agri-loans to farmers.
As on 31 March 2020, the Government of India holds 47.11% stake, while Life Insurance Corporation of India held 51% stake in the IDBI Bank.
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