Business

After the release of RBI bond, this bank’s bright star, 3 times jump in profit, best return in its competitor

About two months ago, the Reserve Bank of India pulled out IDBI Bank from the Prompt Action Action Framework (PCA Framework). After nearly four years, RBI had freed IDBI Bank. The bank’s results for the March quarter have arrived and its profit has jumped nearly three times. The RBI implemented PCA on the bank in May 2017. It was the first government bank. At present, 49.24 per cent stake is held by LIC and the government has 45.48 per cent stake.

IDBI Bank’s net profit stood at 512 crores in the March quarter. It has jumped 278 percent on an annual basis. The bank had a net profit of Rs 135 crore in March 2020. On a quarterly basis, it has risen by 35 per cent. The bank had a net profit of Rs 378 crore in the December quarter. The bank had a net profit of 13459 crores in the financial year 2020-21, while the bank had a total loss of 12887 crores in the financial year 2019-20.

NPA burden has reduced

There was a 38 per cent jump in the bank’s net interest income, that is, NII. It was 3240 crores in March quarter which was 2356 crores in March 2020. It has risen 79 per cent compared to the December quarter. Net interest income in the December quarter was Rs 1810 crore. Apart from this, the burden of NPA has also reduced on the bank. It has now come down to 1.97 per cent from 4.19 per cent in March 2020.

4% jump in bank deposits

In FY 2021, there was a 4 per cent jump in bank deposits and it stood at Rs 2.3 lakh crore. Today, its stock closed 2.70 per cent higher at Rs 36.20. The 52-week high was Rs 56.20 and the lowest level was Rs 19.20. The market cap of the bank is Rs 38923 crore.

Good returns in competitor

This bank has given 6 per cent in a week, 21 per cent in three months and 68 per cent in a year. It has given the highest returns in its competitor. After this, ICICI has given 57 per cent, HDFC Bank 42 per cent, Kotak Mahindra Bank 27 per cent and Axis Bank 58 per cent in one year.

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The post After the release of RBI bond, this bank’s bright star, 3 times jump in profit, best return in its competitor appeared first on TV9 Hindi.

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