IDBI Bank rose 3.3% to Rs 70.45 at 9:22 IST on BSE as the bank's gross non-performing assets declined to Rs 9960.16 crore as on 31 March 2014, from Rs 10012.44 crore as on 31 December 2013.
Meanwhile, the S&P BSE Sensex was up 103.10 points or 0.46% at 22,520.90.
On BSE, so far 81,000 shares were traded in the counter as against average daily volume of 3.14 lakh shares in the past two weeks.
The stock hit a high of Rs 71.70 and a low of Rs 70.20 so far during the day.
IDBI Bank's gross non-performing assets (NPAs) declined to Rs 9960.16 crore as on 31 March 2014, from Rs 10012.44 crore as on 31 December 2013 but increased from Rs 6449.98 crore as on 31 March 2013. The bank's ratio of gross NPAs to gross advances stood at 4.9% as on 31 March 2014 as against 5.44% as on 31 December 2013 and 3.22% as on 31 March 2013.
The bank's net NPAs declined to Rs 4902.30 crore as on 31 March 2014, from Rs 5223.06 crore as on 31 December 2013 but increased from Rs 3100.36 crore as on 31 March 2013. The ratio of net NPAs to net advances stood at 2.48% as on 31 March 2014 as against 2.93% as on 31 December 2013 and 1.58% as on 31 March 2013.
IDBI Bank's net profit declined 6.53% to Rs 518.23 crore on 4.27% growth in total income to Rs 7866.52 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Wednesday, 30 April 2014. The stock market was closed on Thursday, 1 May 2014, on account of May Day.
The bank's provisions and contingencies surged 37.89% to Rs 1198.50 crore in Q4 March 2014 over Q4 March 2013.
IDBI Bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.68% as on 31 March 2014 as against 12.71% as on 31 December 2013.
IDBI Bank 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. The Reserve Bank of India (RBI), through its circular dated 20 December 2013, had advised banks to create deferred tax liability (DTL) on the amount outstanding in Special Reserve, as a matter of prudence. In accordance with these RBI guidelines, during the three months ended 31 December 2013, the bank created DTL of Rs 279.96 crore on Special Reserve outstanding at 31 March 2013, by reducing the reserves. Had this amount been charged to the profit & loss account in accordance with the generally accepted accounting principles in India, the amount of profit for the year would have been lower by such amount, IDBI Bank said.
IDBI Bank's net profit declined 40.41% to Rs 1121.40 crore on 4.56% growth in total income to Rs 29576.27 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
On consolidated basis, IDBI Bank's net profit declined 39.02% to Rs 1151.74 crore on 4.61% growth in total income to Rs 29720.25 crore in FY 2014 over FY 2013.
The Government of India (GoI) holds 76.5% stake in IDBI Bank (as per the shareholding pattern as on 31 March 2014).
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