Idbi Bank Profit Rockets 208% In Q3

IDBI Bank has posted a sharp jump in net profit of 207.8 per cent for the third quarter ended December 2002 to Rs 27.4 crore backed by a sharp rise in other income. The net profit for the corresponding quarter in the previous year was Rs 8.9 crore.

The net profit for the nine-month period ended December 31, 2002, has increased by 30.54 per cent to Rs 54.7 crore from Rs 41.9 crore in the corresponding period previous year. Core fees have increased by 162 per cent to Rs 34.1 from Rs 13 crore the previous year while trading fees also showed a sharp increase by 144 per cent to Rs 24.6 crore from Rs 10.1 crore.

The net interest income of the bank grew by 58 per cent to Rs 53.1 crore from Rs 33.7 crore the corresponding quarter the previous year. The operating costs of the bank has also risen by 58 per cent to Rs 53.9 crore from Rs 34.2 crore for the third quarter.

The provisions of the bank for the quarter has also increased by 61 per cent to Rs 14.5 crore from Rs 9 crore. Net NPAs for the nine months ended December 31, 2002, was at 1.2 per cent as against 1.7 per cent in the corresponding period of the previous year.

The assets of the bank grew by 28.10 per cent to Rs 5068 crore for third quarter backed by a 282 per cent jump in retail assets from Rs 265 crore to Rs 1,012 crore. There was a 39 per cent rise in deposits to Rs 6,575 crore. The savings deposits grew by 74 per cent to Rs 818 crore.