Shares of IDBI Bank on Thursday gained over 2 per cent after the company reported a standalone net profit of Rs 378 crore for the December quarter.
The stock closed at Rs 28.30, a gain of 2.17 per cent on BSE. During the day, it jumped 3.79 per cent to Rs 28.75.
On NSE, it closed at Rs 28.20, a rise of 1.81 per cent.
IDBI Bank on Thursday reported a standalone net profit of Rs 378 crore for the December quarter of the current fiscal year as bad loans shrank.
The bank had posted a net loss of Rs 5,763 crore for the year-ago period.
Total income, however, fell during the quarter under review at Rs 5,932.25 crore as against Rs 6,215.60 crore in the same period of 2019-20 as interest income came down.
Interest income of the lender was down at Rs 4,563.98 crore during the quarter as against Rs 4,937.24 crore in the year-ago period, the bank said in a regulatory filing.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.