Financial Daily from THE HINDU group of publications
Friday, Oct 21, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 21, 2005 |
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Corporate Results
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Private Banks Money & Banking - Financial Performance IDBI net profit at Rs 132 cr Our Bureau
Mumbai , Oct. 20 OTHER income has enabled IDBI Ltd to post a net profit of Rs 131.84 crore for the quarter ended September 30. The results are not comparable with that of the corresponding quarter last year as the amalgamation of IDBI Bank Ltd with IDBI Ltd was effective from October 1, 2004. The net profit was up 21 per cent as compared to the Rs 109 crore for the previous quarter ended June 30, 2005. While the interest earned for the period was Rs 1,223.27 crore, the interest expended was Rs 1,268.21 crore. However, the bank has other income of Rs 344.90 crore. The total income was Rs 1,568.17 crore. However, the net interest income showed a negative because the bank had a floating provision of Rs 2,029 crore last year which it used for making specific provisions, said Mr Jitender Balakrishnan, Executive Director, IDBI Ltd. The bank's cost of funds was still high and it hoped to reduce this by building up the distribution network to garner more retail funds, Mr Balakrishnan added. Total expenditure was at Rs 1,443.40 crore. Capital adequacy ratio was at 16.30 per cent. The ratio of net NPAs to total assets had come down to 1.2 per cent from 1.51 in the previous quarter. For the six months ended September 30, the bank recorded a net profit of Rs 240.35 crore. Total income was Rs 3,168.85 crore and total expenditure was Rs 2,885.68 crore. IDBI's deposit increased to Rs 18,158 crore. Low-cost current account and savings account deposits accounted for 36 per cent of total deposits as against 31 per cent in the first quarter. The bank issued 1,75,000 debit cards during the second quarter, taking the total number of debit cards to 9,84,000. The bank also plans to incorporate an AMC for entry into the mutual fund business through its wholly-owned subsidiary IDBI Caps.
IDBI closed at Rs 96.25 on Thursday, down 6.78 per cent from Rs 103.25 on Wednesday, on the Bombay Stock Exchange.
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