Idbi Net Drops 79% To Rs 38 Crore In Q1

The Industrial Development Bank of India has reported a 79.12 per cent fall in net profit at Rs 38 crore for the first quarter ended June 30, 2002, compared with Rs 182 crore for the corresponding period of the previous year.

Income from operations for the quarter ended June 30, 2002 was down 22.8 per cent at Rs 1,665 crore (Rs 2,157 crore). Other income declined 56.81 per cent at Rs 19 crore (Rs 44 crore).

According to IDBI officials, the previous year results also contained Rs 100 crore of capital gains through the sale of the Sidbi (Small Industries Development Bank of India) stake. The previous year results also contained Rs 60 crore of dividend from Sidbi which will come in for IDBI in the second quarter of the fiscal.

 

The interest cost in the first quarter was down by 10.04 per cent to Rs 1442 crore as against Rs 1603 crore in the previous fiscal. The total expenditure declined 29.4 per cent to Rs 60 crore (Rs 85 crore).

The write offs for bad and doubtful investments was lower in the first quarter of the current fiscal at Rs 97 crore compared with Rs 264 crore in the corresponding period in the previous year.

Accelerated write-off of bad and doubtful debts of Rs 2,500.26 crore during the previous accounting year ended March 2002 was made by drawing an equivalent amount from the special reserve, it added.