IDBI Bank shares rally 20% after lender posts net profit of Rs 135 cr in March quarter

IDBI Bank shares on Monday zoomed 20 percent to its highest trading permissible limit for the day after the company posted a profit of Rs 135 crore in the quarter ended March

Press Trust of India June 01, 2020 12:18:33 IST
IDBI Bank shares rally 20% after lender posts net profit of Rs 135 cr in March quarter

New Delhi: IDBI Bank shares on Monday zoomed 20 percent to its highest trading permissible limit for the day after the company posted a profit of Rs 135 crore in the quarter ended March.

The lender reported a profit after 13 straight quarters of net losses.

At the BSE, it jumped 19.95 percent to Rs 24.35 -- its upper circuit limit.

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The company's shares advanced 19.85 percent to its highest trading permissible limit for the day of Rs 24.45 at the National Stock Exchange (NSE).

The bank, majority-owned by Life Insurance Corporation of India (LIC), had posted a net loss of Rs 4,918 crore in the corresponding period of last year.

Total income rose to Rs 6,925 crore as against Rs 6,616 crore in the fourth quarter of 2018-19, the bank said on Saturday in a regulatory filing.

The gross non-performing assets ratio inched up to 27.53 percent during the quarter as against 27.47 percent, while net NPA came down sharply to 4.19 percent as against 10.11 percent earlier.

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