IDBI Bank Hits New 52-Week Low After Earnings Announcement
IDBI Bank shares fell as much as 11.94 per cent to hit a new 52-week low of Rs 23.95 after the state-run lender on August 14 post market hours reported that its net loss in April-June period widened to Rs 3,801 crore as against loss of Rs 2,410 crore in the quarter last year. 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. The loss in the first quarter of current financial year widened on the back of sharp increase in provisioning for bad loans or non-performing assets.
At 1:19 pm, shares of the bank traded 8 per cent lower at Rs 25 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.
The bank's gross non-performing assets as percentage of total advances came in at 29.12 per cent versus 27.47 per cent in the previous quarter.
IDBI Bank's provisioning for bad loans increased 52 per cent as the bank provided Rs 7,009.49 crore for bad loans compared with provisioning of Rs 4,602.55 crore in the same period last year.
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 country's largest insurance company LIC completed the acquisition of IDBI Bank in January by acquiring 51 per cent of its controlling stake.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
