IDBI Bank lost 2.34% to Rs 54.15 at 10:28 IST on BSE after net profit declined 75.05% to Rs 103.96 crore on 1.12% growth in total income to Rs 7149.88 crore in Q3 December 2013 over Q3 December 2012.
The Q3 result was announced on Saturday, 1 February 2014.
Meanwhile, the S&P BSE Sensex was down 73.67 points or 0.36% at 20,440.18.
On BSE, so far 1.57 lakh shares were traded in the counter as against average daily volume of 2.66 lakh shares in the past one quarter.
The stock hit a high of Rs 54.20 and a low of Rs 53.10 so far during the day. The stock had hit a 52-week low of Rs 52.30 on 4 September 2013. The stock had hit a 52-week high of Rs 108.40 on 31 January 2013.
The stock had underperformed the market over the past one month till 31 January 2014, sliding 16.55% compared with the Sensex's 3.1% fall. The scrip had also underperformed the market in past one quarter, declining 18.15% as against Sensex's 3.07% fall.
The mid-cap company has equity capital of Rs 1603.94 crore. Face value per share is Rs 10.
IDBI Bank's provisions and contingencies rose 7.31% to Rs 1033.36 crore in Q3 December 2013 over Q3 December 2012.
The bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 5.44% as on 31 December 2013, from 4.98% as on 30 September 2013 and 3.67% as on 31 December 2012. The ratio of net NPAs to net advances increased to 2.93% as on 31 December 2013, from 2.82% as on 30 September 2013 and 1.93% as on 31 December 2012.
IDBI Bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 12.71% as on 31 December 2013 as against 12.38% as on 30 September 2013.
In terms of RBI circular dated 23 August 2013 on Investment portfolio of Banks Classification, Valuation and Provisioning, the bank has opted to amortise the depreciation on the entire Available for Sale (AFS) and Held For Trading (HFT) portfolios on each of the valuation dates in the current financial year in equal instalments during the financial year 2013-14. Accordingly, out of net depreciation of Rs 45.72 crore as at 31 December 2013, the bank has recognised Rs 36.70 crore in Q3 December 2013, IDBI Bank said.
IDBI Bank said it creates Special Reserve through appropriations of profits, in order to avail tax deductions as per Section 36(1)(viii) of the Income Tax Act, 1961. In terms of RBI circular dated 20 December 2013, during Q3 December 2013, the bank has created a Deferred Tax Liability (DTL) of Rs 279.96 crore on Special Reserve under Section 36(i)(viii) of Income Tax Act, 1961, as at 31 March 2013, by reducing the Reserve. Further, DTL of Rs 67.98 crore on the estimated Special Reserve for the nine months ended 31 December 2013 has been created during Q3 December 2013. Accordingly the tax expense for the quarter and nine months ended 31 December 2013 is higher by Rs 67.98 crore, IDBI Bank said.
The Government of India (GoI) holds 76.5% stake in IDBI Bank (as per the shareholding pattern as on 31 December 2013).
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