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Mumbai, Jul 22: The mark to market provisioning has pulled down the IDBI Bank’s net profit which has reported a marginal increase in its net profit by 4% to Rs 160 crore for the quarter ended June 30, 2008, from Rs 153 crore recorded in corresponding period in 2007-08.
RK Bansal, chief financial officer, IDBI Bank said “My bank has a marked-to-market losses amounting to Rs 34 crore in the government securities and Rs 17 crore in the corporate bonds during the period.”
The bank’s total business (deposits and advances) stood at Rs 1,50,832 crore from Rs 1,06,529 crore a year back, registering a growth of 42%. While deposits increased by 56% year-on-year (Y-o-Y) to Rs 72,717 crore, advances grew by 31% to Rs 78,115 crore. Aggregate assets stood at Rs 1,30,410 crore from Rs 1,05,147 crore a year ago, registering a growth of 24%.
However, there was a marginal increase in the net NPAs of the bank during the period on y-o-y basis. The net NPAs stood at Rs 1071 crore (1.36%) from Rs 714 crore (1.15%) a year ago. It was for the simple reason that we allowed few of our low-yielding loans in corporate segment to fall, said Bansal. The bank’s capital adequacy ratio stood at 12.02% (Tier-I: 7.47%). Bansal said that the interest rates should get stabilised now. Still, he agreed to the fact that there was a slowdown in some of the new projects as planned by the people due to high interest rates. Also, the bank sees some slowdown in the housing loans for the same reason.
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