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 Change	YoY Change
Operating income	Rs m	51,984	48,974	46,892	-4.3%	-9.8%
Other income	Rs m	10,327	10,036	10,719	6.8%	3.8%
Total revenues	Rs m	62,310	59,010	57,611	-2.4%	-7.5%
Interest	Rs m	35,669	31,240	29,941	-4.2%	-16.1%
Gross Profit	Rs m	16,315	17,734	16,951	-4.4%	3.9%
Other expenses	Rs m	16,547	14,510	15,208	4.8%	-8.1%
Profit before tax	Rs m	-46,319	4,380	6,651	51.8%
Tax	Rs m	-11,730	2,935	3,407	16.0%
Profit after tax	Rs m	-34,588	1,444	3,244	124.6%
Gross profit margin	%	31.4	36.2	36.1
Effective tax rate	%	25.3	67.0	51.2
Net profit margin	%	-66.5	2.9	6.9

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.

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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.