Shares in IDBI Bank have rallied almost 20% in trade on Monday (June 1, 2020) as the private lender has turned profitable.
This is owing to a write back of provision clause in the March ended quarter. Also other financial ratios as per the bank's claims have come in as healthy.
IDBI Bank Gains 20% After Posting Profit For The First Time In 13 Months In Q4FY20
It is seen to swiftly move out of the RBI's corrective action(PCA)."Some other banks were brought out of PCA despite not making profits. We have now delivered on all parameters and are even profitable. It is only return on assets (RoA) where we have to improve. But we will write to RBI pleading our case to released from the PCA restrictions," said Suresh Khatanhar, deputy managing director at IDBI Bank.
Stock of IDBI Bank was last trading higher by 19.95% at Rs. 24.35 per share on the BSE.
GoodReturns.in
Notifications
Settings
Clear Notifications
No New Notifications
Notifications
Use the toggle to switch on notifications
Block for 8 hours
Block for 12 hours
Block for 24 hours
Don't block
To start receiving timely alerts, as shown below click on the Green “lock” icon next to the address bar
Click it and Unblock the Notifications
Close X
Close X
To Start receiving timely alerts please follow the below steps:
Click on the Menu icon of the browser, it opens up a list of options.
Click on the “Options ”, it opens up the settings page,
Here click on the “Privacy & Security” options listed on the left hand side of the page.
Scroll down the page to the “Permission” section .
Here click on the “Settings” tab of the Notification option.
A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification.
Once the changes is done, click on the “Save Changes” option to save the changes.
Click it and Unblock the Notifications
Sign in with Google