IDBI BANK Announces Quarterly Results (2QFY21); Net Profit Up 109.4%

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IDBI BANK Announces Quarterly Results (2QFY21); Net Profit Up 109.4%
Mon, 26 Oct

IDBI BANK has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

IDBI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m51,98448,97446,892-4.3%-9.8%
Other incomeRs m10,32710,03610,7196.8%3.8%
Total revenuesRs m62,31059,01057,611-2.4%-7.5%
InterestRs m35,66931,24029,941-4.2%-16.1%
Gross Profit Rs m16,31517,73416,951-4.4%3.9%
Other expensesRs m16,54714,51015,2084.8%-8.1%
Profit before taxRs m-46,3194,3806,65151.8%
TaxRs m-11,7302,9353,40716.0%
Profit after taxRs m-34,5881,4443,244124.6%
Gross profit margin %31.436.236.1
Effective tax rate%25.367.051.2
Net profit margin%-66.52.96.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter fell 9.8% on a year-on-year (YoY) basis. The interest expended was down by 16.1% YoY during the same period.
  • The bank's operating profit increased by 3.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.1% in 2QFY21 as against 31.4% in 2QFY20.
  • Other income increased by 3.8% YoY during the quarter.
  • Net profit for the quarter increased by 109.4% YoY. Net profit margins during the quarter increased from -66.5% in 2QFY20 to 6.9% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 4.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.2% QoQ during the same period.
  • The bank's operating profit declined by 4.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 36.1% in 2QFY21 as against 36.2% in 1QFY20.
  • Net profit for the quarter increased by 124.6% QoQ, while net profit margins increased from 2.9% in 1QFY20 to 6.9% in 2QFY21.

To see how IDBI BANK has performed over the last eight quarters,please visit here.

Latest: Chinese Aggression on the Border Triggers a Huge Opportunity

IDBI BANK Share Price Performance

Over the last one year, IDBI BANK share price has moved up from Rs 30.7 to Rs 39.1, registering a Gain of Rs 8.4 or around 27.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 27,774.6 (down 0.0%). Over the last one year it has moved down from 33,271.6 to 27,774.6, a gain of 5,497 points (down 16.5%).

Overall, the S&P BSE SENSEX is up 4.2% over the year.

Current Valuations

At the current price of Rs 39.1, the price to book value (P/BV) ratio of IDBI BANK stands at 0.3 times.

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