The Industrial Development Bank of India Limited (IDBI) has registered a 38.7% rise of Rs 176 crore in net profit in the third quarter of 2007-08 as against Rs 127 crore during the corresponding period in 2006-07. The total income earned during the quarter was Rs 2,471 crore.
RK Bansal, CFO, IDBI said, ?Improvement in net interest income, recovery from return on assets and good capital gains worth Rs 265 crore helped achieve the growth during the quarter. We expect our credit growth at around 20% by the end of 2007-08.?
The cost of funds for the quarter increased by 0.83% to 8.02% as against 7.19% during the third quarter of 2006-07. The yield-on-assets increased by 1.34% to 9.3% for the quarter as against 7.99% during the corresponding period in 2006-07. ?Since interest rates have gone up by an average of 1% between December 2006 and December 2007, our cost of funds too has increased in the third quarter of 2007-08. Our deposits in current and saving accounts declined to 13.31% for the quarter as against 14% during the corresponding period in 2006-07. Earlier, we borrowed by issuing bonds, but now we accumulate funds by increasing deposits,? added Bansal.
Indiabulls Financial Services Ltd posted a 46% rise in its October-December net profit on better operating margins and higher disbursement from its consumer loans business, a top official said on Thursday.
It has posted a net profit of Rs 163 crore during the quarter compared with Rs 111 crore in the same period in 2006-07. The overall asset book increased to Rs 8,814 crore, against Rs 2,383 crore in 2006-07.