IDBI bank going to turn Multibagger

IDBI is all set to touch rs 80 levels in one month time frame. IDBI was at around Rs 82 levels when PCA was taken against it by RBI with RBI now putting it out of PCA frame work. Its all set to give out big gains to the investors.

Lets look at its financial conditions, which has shown significant improvement over the last one year period.

1. Life Insurance Corporation -owned IDBI Bank reported a standalone net profit of Rs 378 crore for December quarter 2020-21 on the back of healthy growth in interest income. The lender had reported a standalone net loss of Rs 5,763 crore in the year-ago quarter.
2. On a consolidated basis, its profit after tax (PAT) stood at Rs 393.15 crore, compared to a loss of Rs 5,728.70 crore last year.
3. Net interest income (NII) grew 18 percent to Rs 1,810 crore as against Rs 1,532 crore in the same quarter of the previous fiscal. Its net interest margin (NIM) improved by 60 basis points to 2.87 percent as compared to 2.27 percent in the year-ago period.
4. Gross NPA ratio declined to 23.52 percent from 28.72 percent in the third quarter of the previous fiscal. Net NPAs eased to 1.94% as against 5.25%
5. Provision coverage ratio (including technical write-offs) improved to 97.08 percent from 92.41 percent.

Given the improvement in the financial condition and simultaneously RBI putting out of it from PCA framework, the IDBI is recommended for Buy as much you can for first target of rs60, 87.50 and 109. Also, given the positive run seen in the banking stocks it will not be surprised the bank touch its all time high of Rs202 in the one year time period


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