Categories: Business

IDBI Bank stock up 20 percent as bank turns profitable after 13 quarters

Photo: GOOGLE

IDBI Bank

new Delhi. IDBI Bank stock has seen a sharp jump today. During trading, the stock reached the day's upper upper limit ie 20% upper circuit. Currently, the stock remains at this level. This rise in stock has been seen due to the return of profits in the bank.

The bank reported a net profit of Rs 135 crore in the March quarter. Earlier, the bank had reported losses for 13 consecutive quarters. The bank had a loss of Rs 4918 crore in the same quarter last year. The bank's net interest income grew 46 per cent to Rs 2356 crore in the March quarter. Net interest income is the difference between the interest paid on a loan disbursed by a bank and the interest paid to customers. In the March quarter, the bank has made a provision of Rs 247 crore for Kovid-19, which according to the bank is more than the minimum limit fixed by the Reserve Bank.

The stock gained momentum only after the bank performed better. The stock's previous closing level was 20.3, the stock rose 19.95 percent in early trade to reach the upper circuit of 24.35. Currently, the stock remains at this level. The stock has a year's minimum level of 17.5 and a maximum of 40.9.

This post was published on June 1, 2020 11:20 am

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