IDBI Bank Q3 net up 29% at Rs 287 cr

Buoyed by a robust 48 per cent growth in its fee-based income, IDBI Bank has clocked a 29 per cent jump in net profit at Rs 287 crore in the third quarter ended December 31 from Rs 223 crore in the year-ago period.

"A healthy growth of 48 per cent in our fee-based income at Rs 350 crore helped us post a good net profit of Rs 287 crore in Q3FY10," IDBI Bank CFO R K Bansal told PTI here today.

The bank's NPAs, however, rose marginally due to the economic downturn with its gross NPAs up from 1.7 per cent to 2 per cent and net NPAs up from 1.19 per cent to 1.4 per cent.

"But this is not alarming," Bansal claimed, adding the lender restructured only five cases during Q3 amounting to Rs 80 crore.

The bank had made a provisioning of Rs 353 crore in the quarter, which includes Rs 107 crore for Income Tax and Rs 170 crore for NPAs, he said.

The deposits increased by 77 per cent to Rs 1,42,798 crore in the reporting quarter from Rs 80,803 crore in the year-ago period, while advances grew 21 per cent to Rs 1,11,262 crore from Rs 92,192-crore in the corresponding period of the previous fiscal.

Its total assets expanded 40 per cent to Rs 2,03,311 crore from Rs 1,45,623 crore in the year-ago period.