IDBI Banks net up 15% to Rs 245 cr

Written by Banking Bureau | Mumbai, Apr 26 | Updated: Apr 27 2008, 07:07am hrs
The net profit of state-run IDBI Bank was up 15.02% to Rs 245 crore in Q4 of 2007-08, against Rs 213 crore recorded during the corresponding period of last year. The bank announced its results on Saturday. It announced a 20% dividend. For the whole 2007-08, the banks profit was up 15.73% to Rs 729 crore, against Rs 630 crore in 2006-07.

Unlike some other major banks, IDBI Banks 41 clients have an exposure of Rs 173 crore in derivative portfolio and the bank has zero provisioning on the same. The bank is planning to raise Rs 1,000 crore under Tier-II during the current fiscal.