IDBI Bank shares hit 20% upper circuit after robust fourth-quarter earnings

IDBI Bank shares on Monday zoomed 20 per cent to its highest trading permissible limit for the day after the company posted a profit of Rs 135 crore in the quarter ended March. The lender reported a profit after 13 straight quarters of net losses.

At the BSE, it jumped 19.95 per cent to Rs 24.35 -- its upper circuit limit.

The company's shares advanced 19.85 per cent to its highest trading permissible limit for day of Rs 24.45 at the National Stock Exchange (NSE).

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 ratio inched up to 27.53 per cent during the quarter as against 27.47 per cent, while net NPA came down sharply to 4.19 per cent as against 10.11 per cent earlier.

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