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IDBI Bank dipped 7% to Rs 85 on National Stock Exchange (NSE) after reporting a sharp 66% year-on-year (yoy) drop in net profit at Rs 105 crore for the first quarter (April-June) of current fiscal, due to lower net interest income (NII) and other income. The public sector lender had a profit of Rs 307 crore in the same quarter last year.
Net interest income of the bank during the quarter under review fallen 15% to Rs 1,250 crore as against Rs 1,475 crore in the year-ago period. Other income declined 30% to Rs 500 crore on yoy basis.
The percentage of gross non-performing assets (NPA) increased to 5.64% in June 2014 quarter compared with 4.33% last year, while net NPA increased to 2.87% from 2.16%.
The stock opened at Rs 90.70 and touched a low of Rs 84.50 on NSE. A combined 8.14 million shares changed hands on the counter so far on NSE and BSE.
Net interest income of the bank during the quarter under review fallen 15% to Rs 1,250 crore as against Rs 1,475 crore in the year-ago period. Other income declined 30% to Rs 500 crore on yoy basis.
The percentage of gross non-performing assets (NPA) increased to 5.64% in June 2014 quarter compared with 4.33% last year, while net NPA increased to 2.87% from 2.16%.
The stock opened at Rs 90.70 and touched a low of Rs 84.50 on NSE. A combined 8.14 million shares changed hands on the counter so far on NSE and BSE.
