The Industrial Development Bank of India (IDBI) today reported a 18.65 per cent decrease in net profit to Rs 181.90 crore in the first quarter of 2001-02, compared to Rs 223.60 crore during the corresponding period last year.
During April-June 2001, provisions for bad and doubtful debts at Rs 264 crore were over three times higher than the Rs 80 crore provisions in the quarter ended June 2000, which pulled down the financial institution's net profit in the first quarter this year.
IDBI's profit before tax registered a 23 per cent decrease to Rs 191.90 crore during the first three months of this financial year, as against Rs 250.60 crore in the same period last year.
The fall in profits was despite the efforts to shore up income and reduce expenditure.
However, IDBI
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