InvestorQ : How did IDBI Bank manage to turn around to profits in the March 2020 quarter?
Aashna Tripathi made post

How did IDBI Bank manage to turn around to profits in the March 2020 quarter?

Answer
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Tisha Malhotra answered.
4 months ago


In a sharp turnaround, IDBI Bank reported net profits of Rs.135 crore for the quarter ended Mar-20 as against a loss of Rs.4918 crore. However, for the full year, IDBI Bank still reported a net loss of close to Rs.12,900 crore. Gross NPAs stood at 27.53%. During the fiscal year, the bank also raised Rs.745 crore through issue of Basel III compliant Tier 2 bonds. In September last year, the government had approved Rs.9,300 crore capital infusion into IDBI Bank of which majority owner LIC infused Rs.4743 crore while the government provided Rs.4557 crore as one-time re-capitalisation