IDBI Bank Hits 52-Week Low After Earnings Announcement

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At 12:51 pm, shares of the bank traded 8.27 per cent lower at Rs 24.95 apiece on the NSE.

Shares of IDBI Bank hit a fresh 52-week low on Friday after the lender reported a net loss of Rs 3,801 crore for the quarter ended June 30, 2019. The bank had reported a net loss of Rs 2,410 crore in the same quarter of the last year. On the National Stock Exchange (NSE), the IDBI Bank stock price declined as much as 11.94 per cent to quote at Rs 23.95 apiece at the day’s weakest point, compared to its previous close of Rs 27.20. On the Bombay Stock Exchange (BSE), shares in IDBI Bank touched an intraday low of Rs 23.80, falling 12.33 per cent from the previous close. 

At 12:51 pm, shares of the bank traded 8.27 per cent lower at Rs 24.95 apiece on the NSE. On the BSE, the shares of IDBI Bank traded 7.92 per cent lower at Rs 25 apiece.

The net interest income (NII) of IDBI Bank fell to Rs 1,458 crore as against Rs 1,639 crore in same quarter of the last year. Gross non-performing assets (NPAs) of IDBI Bank came in at 29.12 per cent as against 30.78 per cent in the corresponding quarter of the previous year.

Net non-performing assets (NPAs) stood at 8.02 per cent as compared to 18.76 per cent in the year-ago period. In March quarter, net NPAs was at 10.11 per cent.

The operating profit of the bank fell to Rs 951 crore as compared to Rs 1,081 crore made in the corresponding period of last year.

IDBI’s CASA or current and savings account ratio increased to Rs 99,590 crore, as against Rs 85,180 crore as on June 30, 2018, an increase of 16.92 per cent.

Earlier this year, the largest insurance company LIC completed the acquisition of IDBI Bank in January by acquiring 51 per cent of its controlling stake.

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