The Hindu Business Line : IDBI closes books as FI — Posts Rs 465-cr profit in 18-month period

IDBI Ltd has reported a 6.4 per cent dip in its net profit at Rs 117 crore for the quarter ended September 30, as compared to Rs 125 crore in the year-ago period.

Total income during the quarter was Rs 1,558 crore as against Rs 1,744 crore in the year-ago period.

Total expenditure during this quarter was marginally higher at Rs 1,274 crore from Rs 1,267 crore in the year-ago period mainly because of an incremental contribution of Rs 11 crore to the Pension Fund on actuarial valuation. Interest expenses during the quarter were Rs 1,188 crore.

IDBI's board has recommended a 15 per cent dividend for the 18-month period ending September 2004, the Chairman and Managing Director, Mr M. Damodaran, said at a news conference today.

IDBI said it has closed the books as a financial institution. Therefore, it reported consolidated results for an 18-month period ending September 2004.

During this 18-month period, it sanctioned credit worth Rs 11,788 crore as against Rs 6,292 crore in 2002-03. Disbursements dipped to Rs 6,908 crore from Rs 6,478 crore.

Mr Damodaran said IDBI is receiving large-sized projects for finance. Every week proposals worth Rs 800 crore were getting clearances, he said.

The financial institution booked a loss of Rs 75 crore in its treasury income in July-September 2004 while the six-month loss stood at Rs 102 crore, he said, adding it had transferred securities worth Rs 325 crore to "held to maturity" account with depreciation of Rs 7-8 crore.

For the 18-month period ending September 30, 2004, IDBI reported total income of Rs 9,915 crore. Profit after tax for the 18-month period was Rs 465 crore.

Aggregate assets of the bank as on September 30 stood at Rs 63,846 crore as against Rs 64,820 crore as on September 30, 2003. Capital adequacy ratio stood at 18.5 per cent at the end of September 2004 (18.7 per cent); of which Tier I CAR works out to 15.2 per cent.

IDBI is planning to complete its $300 million foreign bond issue by December 2004 end, Mr Damodaran said. The bond is likely to have a maturity of five years.

More Stories on : Private Banks | Financial Performance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Super Spg net down; sales up

Marico net profit up at Rs 16.26 cr

IDBI closes books as FI — Posts Rs 465-cr profit in 18-month period

Central Bank H1 net up 21 per cent