The Hindu Business Line : IDBI Q3 net at Rs 119 cr

The Q3 financial results are not comparable with those of the year-ago period on account of the merger. In the nine-month period, IDBI earned a net profit of Rs 360 crore.

During the quarter, IDBI's interest earned stood at Rs 1,251.73 crore and total income was Rs 1,548.16 crore. Net non-performing assets (NPAs) were down at 1.36 per cent as of December 2005 compared to 1.74 per cent as of March 2005.

IDBI's deposits increased by 60 per cent to Rs 21,884 crore at the end of December 2005 from Rs 15,103 crore as of March-end 2005. Low-cost current account and savings account deposits accounted for 31 per cent of the total deposits as of December-end 2005. Advances grew by around 14 per cent (annualised) to Rs 50,075 crore by December-end from Rs 45,414 crore as of March-end.

IDBI's capital adequacy ratio (CAR) stood at 15.9 per cent at the end of Q3.

"This provides headroom for further growing the business and meeting the enhanced Basle-II capital requirements," the bank said in a news release.

Business per employee during the quarter was robust at over Rs 15 crore, making it one of the most productive banks in the country, IDBI said.

The bank is likely to finalise details pertaining to its life insurance foray before the end of this fiscal.

IDBI plans to inaugurate a large corporate branch in Mumbai shortly.

It is also planning to set up an asset management company to enter the mutual fund business in association with its wholly owned subsidiary - IDBI Capital Market Services Ltd.

Shares of IDBI edged down by Rs 1.90 to Rs 95.45 on the BSE.

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