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Aakhir Profit Kahan Gayab Ho Gaya?
Asal mein, IDBI Bank ka Net Interest Income (NII) toh 17.1% badh kar ₹3,851 Crore ho gaya, jo ek achhi baat hai. Lekin, yahaan pe sabse bada khel bigda Operating Profit aur Provisions ka. Bank ka Operating Profit 4.7% gir gaya, poora ₹3,043 Crore pe aa gaya. Aur toh aur, provisions mein 22.4% ka jump aaya, jo ki ₹285 Crore ho gaye hain (pichhle saal ₹233 Crore the). Ye loan loss ke liye alag rakhe paise hote hain, matlab bank risk manage kar raha hai, par isse net profit kam ho gaya.
Operating Costs aur Funding Ka Maamla
Net Interest Margin (NIM) toh 4.15% pe pahunch gaya hai (core NIM 3.34%), par paisa uthane ka kharch bhi badh gaya. Deposit par bank ko 4.60% interest dena pad raha hai aur overall funding cost 4.71% ho gaya hai.
Asset Quality Mein Sudhaar
Achhi khabar ye hai ki loan ki quality mein sudhaar dikh raha hai. Quarter-on-quarter dekhein toh Gross NPAs 2.57% se kam ho kar 2.32% ho gaye hain. Net NPAs bhi 0.18% se 0.15% ho gaye hain. Provision Coverage Ratio (PCR) toh 99.39% pe hai, matlab bank ekdum secure hai. Retail advances bhi 16% badhe hain.
Valuation Aur Competition
IDBI Bank ka Market Cap ab lagbhag ₹82,546 Crore hai. P/E ratio 8.9x chal raha hai, jo pichhle 10 saal ke average 15.69x se kaafi kam hai, matlab value stock. ROE 14.35% tha, jo pichhle saal 20.40% tha. Dusri taraf, Indian Bank ka profit thoda badha, Federal Bank ka 22.2% bada. IDFC First Bank aur HDFC Bank bhi accha perform kar rahe hain. Public sector banking index toh record highs pe hai, par IDBI Bank uss rally ka poora fayda nahi utha paa raha.
Chintaayein Abhi Bhi Hain
Revenue badhne ke baad bhi profit ka girna ek badi chinta hai. Bank pe ₹3,35,786 Crore ki contingent liabilities bhi hai, jo ek risk factor hai. ROE ka kam hona aur P/E ka value stock hona future growth par sawal khada karta hai. Analysts bhi thode cautious hain, kuch log 'Sell' rating de rahe hain. Domestic investors ne bhi apni holdings kam ki hai. Q3 mein profit 47% gira tha, toh earnings mein volatility dikh rahi hai. LIC ke baad bank private sector bank ban gaya hai, par abhi tak consistent growth nahi dikh raha.
Market Ka Reaction Aur Outlook
Result aane ke baad market ka reaction thanda raha, share apne intraday high se gir gaya. Analyst expectations se profit zyada tha (₹1,680 Crore expected tha, aaya ₹1,943 Crore), par overall profit decline ka trend dikhana chinta janak hai. Ab sabki nazar management ke FY27 guidance par rahegi, par filhaal jaldi recovery ki ummeed kam lag rahi hai.