IDBI Bank H1 Net Down 17% To Rs 27 Cr

Mumbai, October 24: | Updated: Oct 25 2002, 05:30am hrs
IDBI Bank on Thursday announced a 17 per cent decline in net profit to Rs 27.23 crore for the first half of fiscal 2002-03 as compared to Rs 32.95 crore for the same period in the previous fiscal.

The net profit for the quarter ended September 30, 2002 however, increased by 9.2 per cent to Rs 16.09 crore (Rs 14.73 crore). The operating profit of the bank declined to Rs 28.38 crore for the half year (Rs 34.90 crore) and for the second quarter to Rs 28.38 crore crore (Rs 34.90 crore). The net interest income for the quarter was up 2.5 per cent to Rs 45.2 crore (Rs 44.1 crore) whereas core fee income was up 64 per cent to Rs 27 crore (Rs 16.4 crore).

The operating costs for the bank for the quarter grew grew 50.9 per cent to Rs 48.3 crore (Rs 32 crore) and the provisions fell 63.8 per cent to Rs 5.1 crore (Rs 14.1 crore)

The banks capital adequacy ratio as on September 30, 2002 fell to 9.05 per cent from 11.3 per cent on September 30, 2001 and 9.59 per cent on March 31 2002.

During the quarter the banks home loan portfolio crossed the Rs 500 crore mark and is targeting about 5% share of incremental disbursements in Home Loan business. The average cost of deposits was reduced to 6.2 per cent. Going forward, IDBI Bank expects the Average Cost of Deposits to remain stable between 6.0 per cent and 6.5 per cent.

Total deposits grew by about 50 per cent over last one year to reach Rs.5860 crores and current account deposits increased by 82 per cent to Rs 839 crores.

Capital still remains to be an issue for the bank and in this context the bank said: Despite definitive commitments from world-class private equity players, lack of clarity on promoter related issues is holding back IDBI Banks capital infusion plans. With timely availability of capital, IDBI Bank would have been able to enhance the value of its franchise and enhance return on its investments even faster. We expect that delay in capital infusion is likely to impact earnings over the next two quarters.

Ipca Labs H1 Net Up 91% To Rs 34.5-cr

Ipca Laboratories has reported a 91 per cent increase in net profit to Rs 34.53 crore for the half year ended September 2002 as compared to Rs 18.09 crore in the corresponding period last year. Income from operations went up by 18 per cent to Rs 272.22 crore from Rs 230.56 crore last year.

ITH Posts Higher Net

ITC group company, International Travel House (ITH) has posted a net profit of Rs 0.96 crore in the first six months of the current fiscal ended September 30, 2002. The company has recorded an 11 per cent growth in its net income during the first six months of this fiscal at Rs 17 crore, according to a company statement. The company is in the segment of business travel, car rentals, inbound and outbound tourism.

SKF Bearings Q3 Net Up To Rs 7.37-cr

SKF Bearings India Ltd has reported a net profit of Rs 7.37 crore for the third quarter ended September 2002 as against a net loss of Rs 2.76 crore in the corresponding period last year. Turnover grew by 5.2 per cent to Rs 94.8 crore from 90.16 crore last year.

Syngenta India Q2 Net Up At Rs 14.67 Cr

Syngenta India Ltd has posted a higher net profit at Rs 14.67 crore for the second quarter ended September 30, 2002, compared to Rs 2.94 crore in same period of previous fiscal.

Total income (net of excise) in the period under review has increased to Rs 106.54 crore as against Rs 92.87 crore in Q2 of last year, the company informed the Bombay Stock Exchange on Thursday.

Zydus Cadila Q2 Net Up 16.4 %; Sales Up 25.4%

Zydus Cadila Healthcare Ltd on Thursday reported a rise of 16.4 per cent in net profit at Rs 25.4 crore for the quarter ending September 30, 02 as against Rs 21.8 crore last year.

The companys sales increased by 25.4 per cent to Rs 191.6 crore from Rs 152.8 crore in the Q2 last year, a Zydus release said here.

The improved performance is on account of rise in domestic sales by 24.9 per cent and exports by 25.5 per cent, it added.