IDBI Bank's Q3 net rises 58% to Rs 454 cr

Private sector lender IDBI Bank today posted 58 per cent jump in net profit at Rs 454 crore for the quarter ended December 31, 2010.

The bank had a net profit of Rs 287 crore in the corresponding quarter of 2009-10, IDBI said in a filing to the Bombay Stock Exchange.

During the quarter, IDBI's net interest income (NII) stood at Rs 1,204 crore against Rs 717 crore in the corresponding quarter of the previous year.

Further, as of December 31, 2010, the lender's total business (deposits and advances) stood at Rs 2,84,729 crore, 12 per cent more than the Rs 2,54,075 crore in the corresponding period of the last fiscal.

While, deposits grew by 5 per cent to Rs 1,50,239 crore, advances increased by 21 per cent to Rs 1,34,491 crore.

Meanwhile, during the quarter the bank's Board of  Directors has given in-principle approval to the merger of two its wholly-owned  subsidiaries -- IDBI Home Finance Ltd and  IDBI Gilts Ltd with itself, the filing said.