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IDBI Bank stock hits 5% upper circuit on strong Q1 earnings

IDBI Bank share price opened with a gain of 4.97% at Rs 40.15 today and was locked in upper circuit in afternoon session

twitter-logoBusinessToday.In | July 29, 2020 | Updated 13:53 IST
IDBI Bank stock hits 5% upper circuit on strong Q1 earnings
IDBI Bank stock trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages

Share price of IDBI Bank hit the upper circuit of 5% today after the lender reported a net profit of Rs 144.43 crore in Q1 against net loss of Rs 3,800.84 crore for April-June 2019-20.

In Q4 of last fiscal, net profit of the lender stood at Rs 135.39 crore. IDBI Bank share price opened with a gain of 4.97% at Rs 40.15 today and was locked in upper circuit in afternoon session. The share has gained 8.81% in the last 2 days.

There were only buyers and no sellers for the stock in trade today. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages. Market cap of the bank rose to Rs 41,678 crore. Total 11.05 lakh shares changed hands amounting to turnover of Rs 4.42 crore.

Total income fell marginally to Rs 5,901.02 crore in April-June 2020-21 from Rs 5,923.93 crore in the same quarter of the last fiscal. In March quarter, total income stood at Rs 6,924.94 crore.

IDBI Bank posts Q1 net profit at Rs 144 crore on lower provisions

Asset quality improved with gross non-performing assets (NPAs) falling to 26.81 per cent of the gross advances as at June 30, 2020 from 29.12 per cent by June 2019.

Net NPAs or bad loans fell to 3.55 per cent from 8.02 per cent. Provisions for bad loans and contingencies stood at Rs 888.05 crore in June quarter, down substantially from Rs 6,332.05 crore in the year-ago period.

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