Idbi Q2 Net Up 360 Per Cent To Rs 115 Crore

The Industrial Development Bank of India (IDBI) has recorded a 360 per cent growth in its net profit for the quarter ended September 2002 at Rs 115 crore, up from Rs 25 crore in the corresponding quarter of the previous year.

However, for the half year ended September 30, the profit has declined by 26.57 per cent to Rs 152 crore from Rs 207 crore the previous year.

The total income of the institution during the quarter grew by 7.5 per cent to Rs 2,070 crore as against Rs 1,926 crore in the previous year.

Income from operations accounted for Rs 2,035 crore and other income Rs 35 crore. The interest cost of the financial institution fell by 7.7 per cent to Rs 1,484 crore from Rs 1,608 crore in the corresponding period the previous year.

 

IDBI chairman PP Vora said the cost of incremental rupee borrowing during the half year ended September 2002 was lower by 1.13 per cent at 8.85 per cent compared to 9.98 per cent in the previous year.

The average maturity of such borrowing during this period was at 3.1 years as against 2.1 years the previous year.

The provisions for bad and doubrtful debts have increased by 109 per cent to Rs 341 crore from Rs 163 crore in the corresponding period of the previous year.

IDBI borrowings during the first half year was at Rs 5,031 crore as against Rs 4,100 crore in the previous year.

The aggregate sanctions and disbursements under during the first half was at Rs 754 crore and Rs 1,257 crore, respectively, with the infrastructure sector accounting for 27 per cent and 26 per cent of total sanctions and disbursements.