idbi bank soars on getting in principle approval to divest stake in subsidiaries

IDBI Bank declines despite reporting 37% rise in Q4 consolidated net profit

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IDBI Bank is currently trading at Rs. 89.14, down by 0.27 points or 0.30% from its previous closing of Rs. 89.41 on the BSE.

The scrip opened at Rs. 92.69 and has touched a high and low of Rs. 93.21 and Rs. 88.37 respectively. So far 1965255 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 98.70 on 06-Feb-2024 and a 52 week low of Rs. 52.59 on 08-May-2023.

IDBI Bank
IDBI Bank

Last one week high and low of the scrip stood at Rs. 93.50 and Rs. 88.37 respectively. The current market cap of the company is Rs. 95760.89 crore.

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The promoters holding in the company stood at 94.71%, while Institutions and Non-Institutions held 0.61% and 4.68% respectively.

IDBI Bank has reported 43.68% rise in its net profit at Rs 1,628.46 crore for fourth quarter (Q4) and year ended March 31, 2024 as compared to Rs 1,133.37 crore for the same quarter in the previous year. Total income of the bank increased by 12.44% at Rs 7,886.64 crore for Q4FY24 as compared Rs 7,013.84 crore for the corresponding quarter previous year.

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On consolidated basis, the bank has reported 37.14% rise in its net profit at Rs 1,655.09 crore for fourth quarter ended March 31, 2024 as compared to Rs 1,206.82 crore for the same quarter in the previous year. Total income of the bank increased by 11.53% at Rs 7,955.95 crore for Q4FY24 as compared Rs 7,133.43 crore for the corresponding quarter previous year.

For the year ended March 31, 2024, the bank has reported 54.57% rise in net profit at Rs 5,634.09 crore as compared to Rs 3,645.09 crore for the previous year. Total income of the bank increased by 20.43% at Rs 30,037.04 crore for year under review as compared to Rs 24,941.76 crore for year ended March 31, 2023.

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For the year ended March 31, 2024, on the consolidated basis, the bank has reported 56.32% rise in its net profit at Rs 5,763.41 crore as compared to Rs 3,686.84 crore for the previous year. Total income of the bank increased by 20.68% at Rs 30,370.42 crore for year under review as compared to Rs 25,166.91 crore for year ended March 31, 2023.