IDBI Bank gallops on good Q4 numbers

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IDBI Bank jumped 7.71% to Rs 64.25 at 14:40 IST on BSE, after net profit rose 28.03% to Rs 313.67 crore in Q4 March 2009 over Q4 March 2008.

The bank announced the results during trading hours today, 24 April 2009.

Meanwhile, the BSE Sensex was up 168.76 points, or 1.52%, to 11,303.75.

On BSE, 20.26 lakh shares were traded in the counter. The stock had an average daily volume of 5.19 lakh shares in the past one quarter.

The stock hit a high of Rs 65 and a low of Rs 59.50 so far during the day. The stock hit a 52-week high of Rs 110.50 on 5 May 2008 and a 52-week low of Rs 39.75 on 12 March 2009.

The mid-cap bank stock had outperformed the market over the past one month till 23 April 2009, gaining 29.25% as compared to the Sensex's return of 18.16%. It had underperformed the market in the past one quarter, gaining 11.29% as compared to the Sensex's return of 28.37%.

The bank's current equity is Rs 724.77 crore. Face value per share is Rs 10.

The current price of Rs 64.25 discounts the bank's Q3 December 2009 annualized EPS of Rs 12.29, by a PE multiple of 5.23.

IDBI Bank reported a 41.09% rise in total income to Rs 3,734.50 crore in Q4 March 2009 over Q4 March 2008. The bank reported 17.69% increase in net profit to Rs 858.53 crore on 35.32% growth in total income to Rs 13,021.54 crore in the year ended March 2009 over the year ended March 2008.

IDBI Bank's gross non-performing assets (NPA) fell 8.24% to Rs 1,435.69 crore as at 31 March 2009 from Rs 1,564.68 crore as on 31 March 2008. The ratio of gross NPA to gross advances declined to 1.38% as of 31 March 2009 from 1.87% as of 31 March 2008. The NPA as of 31 March 2009 was at 0.92% of net advances, the bank said.

At the time of announcing results, the board of directors of the bank recommended a dividend at the rate of Rs 2.50 per share (25%).

IDBI Bank provides commercial banking services, which include merchant banking, direct finance, infrastructure finance, rehabilitation assistance, venture capital fund, advisory, trusteeship, forex, treasury and other related financial services.

The Government of India holds 52.67% stake in IDBI Bank (as on 31 March 2009

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