Financial Daily from THE HINDU group of publications
Friday, Apr 30, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 30, 2004 |
||
|
|
||
|
Corporate Results
-
Financial Institutions IDBI provides for Dabhol; earns Rs 102-cr net in Q4 Our Bureau
Mumbai , April 29 DESPITE making provisions for its exposure to the Dabhol Power Project, IDBI has managed to register a net profit of Rs 102 crore for the fourth quarter ended March 2004, down from Rs 209 crore in the year ago period.. Net profit for the full year was at Rs 325 crore down from Rs 401 crore in the previous year. According to IDBI sources, provisions have been made for both phase I and phase II of the Dabhol project as per the RBI guidelines. Net profits would have been much higher but for the provisions for Dabhol. However, the exact amounts provisioned were not disclosed. RBI had mandated that provisions be made for the 2,184-MW project after December 2003. While several banks had done it much earlier, IDBI with an exposure of Rs 2,121 crore to the project has provisioned for it in the last quarter of 2004. Profit before tax stood lower at Rs 82 crore as against Q4 FY 03 level of Rs 267 crore. This follows an increase of 37 per cent in provisioning for bad and doubtful debts/investments, from Rs 450 crore during Q4 FY 03 to Rs 615 crore during the quarter under review. IDBI has achieved a profit of this magnitude despite providing for bad and doubtful debts/investments of the order of Rs. 1540 crore, which is nearly 39 per cent more than during the corresponding period of 2002-03 (Rs. 1110 crore). Aggregate assets of the development financial institution soon to undergo conversion into a bank increased by 6 per cent to Rs 66,921 crore as on March 31, 2004 (Rs 63,116 crore in March 2003). Disbursements during April 2003-March 2004 clocked Rs 4,409 crore (Rs 6,615 crore). With a view to avoiding the closing and balancing of its books of accounts twice over, once on March 31, 2004 and again on the `appointed date' of conversion of IDBI into a Banking Company, the bank has, with the `in principle' consent of the Government of India, decided to extend the accounting period for FY 2003-04 by six months up to September 30, 2004, said IDBI in a press release issued today. Total income of IDBI during the fourth quarter stood at Rs 1,972 crore (Rs 1,903 crore) while total expenditure increased a tad to Rs 1,248 crore (Rs 1,142 crore). END
More Stories on : Financial Institutions | Power
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|