IDBI registers 14.28 per cent increase in net profit at Rs 40 crore

By Our Banking Bureau | 29 Jan 2003

Mumbai: Industrial Development Bank of India (IDBI) has posted a 14.28-per cent increase in its net profit at Rs 40 crore for the third quarter ended 31 December 2002 as compared to Rs 35 crore in the corresponding period of the previous year.

The income from operations declined to Rs 1,797 crore in the reporting quarter (Rs 1,909 crore), according to a press release.

The total expenditure came down to Rs 62 crore (Rs 66 crore), inclusive of staff cost at Rs 21 crore (Rs 20 crore ), bond issue expenses at Rs 12 crore (Rs 15 crore ) and other expenses at Rs 29 crore (Rs 31 crore).

The interest cost for the quarter ended was lower at Rs 1,447 crore (Rs 1,557 crore). The provisions for bad assets and write-offs for the third quarter stood at Rs 222 crore as against Rs 217 crore in October-December of the previous year.

The net profit for the nine-month period ended December 2002 was down at Rs 193 crore (Rs 242 crore), as was the income from operations at Rs 5,497 crore as compared to Rs 5,966 crore in the corresponding period of the previous year.

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