IDBI Bank share price jumps 5% as the firm reports YoY fall in losses

IDBI BANK

Shares of IDBI Bank jumped almost 5 percent in morning trade on BSE on November 11 after the company the reported a year-on-year (YoY) fall in its losses.

The company narrowed its losses to Rs 3,458.8 crore in the quarter ended September 2019 from Rs 3,602.5 crore in the same period in 2018.

The net interest income during the quarter grew by 25.4 percent YoY to Rs 1,631.4 crore, but the loan book degrew 16 percent while deposits were down by 1.86 percent YoY.

Provisions and contingencies were down by 10.9 percent QoQ to Rs 5,641.32 crore in Q2FY20 and the same declined 14.3 percent YoY.

Meanwhile, the bank said its board on November 8 had approved the proposal for sale of the entire stake in IDBI Asset Management (IAML) and IDBI Mutual Fund Trustee Company (IMTL).

Shares of IDBI Bank traded 3.81 percent up at Rs 34.05 on BSE around 09:35 hours IST.

News Source: Money Control

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