IDBI Bank net up 69%

Sharp rise in interest income and control over interest expenses helped IDBI Bank post a 69 per cent rise in net profit at Rs 429 crore for the quarter ended September. It had a net profit of Rs 254 crore in the year-ago period.

Net Interest Income rose 152 per cent to Rs 1,168 crore, as against Rs 464 crore an year ago. Fee-based income improved to Rs 475 crore, as against Rs 389 crore last year, thus registering growth of 22 per cent.

IDBI’s loan book grew 24 per cent to Rs 1,30,213 crore, as against Rs 1,04,993 crore. However, outstanding credit shrunk over the base of June 2010. It shed low yielding short-term loans worth Rs 2,000 crore in the quarter, Chairman and Managing Director R M Malla said.