Views on IDBI Bank 4QFY2014 results - Angel Broking

Views of Mr. Vaibhav Agrawal (VP Research - Banking, Angel Broking) on IDBI Bank 4QFY2014 results:

"IDBI Bank delivered weak operating performance for the quarter, while asset quality remained largely stable. Net Interest Income for the bank grew moderate by 9.3% yoy at Rs. 1,574cr, while non-interest income remained flat yoy, leading to a muted operating income growth of 5.4% yoy. Operating expenses de-grew by 11.9% yoy enabling pre-provisioning profit grew of 16.1% yoy. On the asset quality front, the bank witnessed stability, as the absolute Gross and Net NPA decreased sequentially by 0.5% and 6.1% respectively. Provisioning expenses grew by 37.9%, thereby leading to PBT level earnings de-growth of 10.1% yoy. Tax expense for bank came at Rs. 134cr against Rs. 171cr Overall earnings declined by 6.5% yoy to Rs. 518cr. We maintain our Accumulate rating on the stock."

Shares of IDBI BANK LTD. was last trading in BSE at Rs.69.1 as compared to the previous close of Rs. 68.2. The total number of shares traded during the day was 629848 in over 7296 trades.

The stock hit an intraday high of Rs. 71.75 and intraday low of 68.6. The net turnover during the day was Rs. 44166524.

Source : Equity Bulls

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