IDBI net up 15% at Rs 245 cr
CORPORATE SCOARCARD
However, its operating profit was lower at Rs 304.99 crore as against Rs 378.37 crore in the comparable previous quarter. Provisions in the reporting quarter were only Rs 27.74 crore (Rs 161.59 crore).
Total income rose by 20 per cent to Rs 2,628 crore (Rs 2,185 crore). Net interest income improved to Rs 236 crore (Rs 213 crore). Net interest margins (NIMs) were flat at 0.98 per cent in the quarter.
The bank has been struggling with NIM below one per cent while other commercial banks have it between 3 and 4 per cent. The bank will raise share of low-cost deposits using new branches and sales force in 2008-09, its Chairman and Managing Director Yogesh Agarwal said.
On any decline in value of derivatives transactions of its corporate clients, IDBI said 41 customers have mark-to-market losses of Rs 173 crore for derivative deals. Most of these are large corporates and do not expect any defaults in payments to the bank.