IDBI Bank share price soars a whopping 77 pct over the last 1 month; know reasons why
In times of Covid-19 pandemic, when stocks of many companies have been plunging, there is a bank that has seen a whopping 77% jump in the past month alone!
In times of Covid-19 pandemic, when stocks of many companies have been plunging, there is a bank that has seen a whopping 77% jump in the past month alone! The name is IDBI Bank. And, with over 75 pct rally in IDBI Bank share price, it has become the 5th largest in terms of market cap. Zee Business explains the top reasons why IDBI Bank share price witnessed 77 pct jump in the past 1 month:-
- It is widely expected that IDBI will come out of PCA category
- IDBI Bank has almost fulfilled all the conditions required to come out of PCA category
- With CET1 ration, NPA, ROA, and other conditions, IDBI is expected to come out of PCA category in Q4
- Even before results, IDBI Bank witnessed a jump in its share price
- After 13 quarters, IDBI posted profit as well
— Zee Business (@ZeeBusiness) June 9, 2020
IDBI Bank had posted a profit of Rs 135 crore in the quarter ended March. The lender reported a profit after 13 straight quarters of net losses.
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 (NPA) ratio inched up to 27.53 per cent during the quarter as against 27.47 per cent. Also, net NPA came down sharply to 4.19 per cent as against 10.11 per cent earlier.
IDBI Bank Ltd Latest Share Price Status: NSE: IDBI 35.45 INR −1.85 (4.96%) as of 9th June, 2:24 pm IST ·
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