Idbi Net May Dip 20% To Rs 750 Crore

The net profit of Industrial Development Bank of India (IDBI) is likely to shrink to around Rs 750 crore in 2000-01, down from Rs 947 crore posted in the previous year. The financial institution (FI) is also expected to dip into its reserves to make provisions in the reporting fiscal, analysts said. IDBI will announce its audited results for 2000-2001 on Monday.

In the nine months ended December 31, 2000, it had recorded a lower profit at Rs 543.20 crore compared with Rs 636.80 crore in the same period last year.

"The FI's profit is likely to be in the range of around Rs 750 crore for 2000-01, a drop of around 20 per cent. The institution has a major exposure to the core sectors which has been affected by the slowdown in the industry. It is also likely to go in for huge provisoning following the ICICI example,