The Hindu Business Line : IDBI Bank Q3 net up 54%

DRIVEN by a significant growth in net interest income, IDBI Bank recorded a 53.7 per cent jump in net profit for the third quarter ended December 31, 2004, at Rs 55.8 crore as against Rs 36.3 crore in the year ago period.

Total income of the bank grew to Rs 188.6 crore (Rs 138.9 crore). Net interest income rose to Rs 106.9 crore (Rs 88.8 crore).

The growth in income was largely driven by a strong growth in assets. Customer assets grew by 48.3 per cent on a year-on-year basis to Rs 11,266 crore, said a press release.

Retail assets grew to Rs 5,132 crore and constituted 46 per cent of total customer assets, while total assets stood at Rs 16,408 crore compared to Rs 11,612 crore in the corresponding period, the previous year.

Total deposits of the bank were at Rs 11,636 crore as on December 31, 2004 as against Rs 8,431 crore in December 2003.

Loan loss provisions, write offs and depreciation on investments were lower at Rs 10.3 crore (Rs 17.4 crore). Net non-performing assets were lower at 0.1 per cent (0.4 per cent).

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