MUMBAI: Shares of IDBI Bank surged nearly 20% on Monday as the lender reported a profit for January-March after a gap of 13 quarters.
At 1000am, the stock traded at ₹24.35 apiece, up 19.9% from its previous close, while the benchmark Sensex was up 2.9% at 33,358.63.
IDBI Bank on Saturday reported a net profit of ₹135 crore for the quarter ended March compared to a loss of ₹4,918 crore in the same period last year.
It was in the September 2016 quarter that the lender last reported a profit. For fiscal 2020, however, IDBI Bank reported a net loss of ₹12,887 crore compared with ₹15,116 crore loss in FY19.