IDBI Q1 Net Rises 34.2%

Mumbai, July 30: | Updated: Jul 31 2003, 05:30am hrs
Industrial Develo-pment Bank of India (IDBI) has posted a 34.21 per cent increase in net profit at Rs 51 crore for the first quarter ended June 30, 2003, compared to Rs 38 crore recorded during the same period of the previous fiscal. The companys total income, however, decreased to Rs 1,598 crore during the quarter ended June 30, as against Rs 1,684 crore posted during the same period a year ago, IDBI said in a release here on Wedn-esday after its board meeting in Delhi.

The banks profit before provisions, depreciation and tax rose 90 per cent to Rs 346 crore during the quarter under review, compared to Rs 182 crore earned during the quarter a year ago,it said.

IDBIs profit after tax for the quarter rose by 117 per cent at Rs 71 crore during the quarter under review, as against Rs 33 crore posted during the same period a year ago, it said, adding, it made provisions of Rs 14 crore towards taxation for the quarter. IDBIs total borrowings/ drawals (both in rupees and foreign currency) in June quarter stood at Rs 2,776 crore, as against Rs 1,942 crore raised during the same period of the previous fiscal. The cost of incremental rupee borrowing during Q1 at 6.88 per cent was substantially lower by 2.42 per cent as compared to 9.30 per cent prevailing during April-June 2002, it said. On the outlook, IDBI said there was a discernible rebound in industrial growth, encompassing manufacturing and core infrastructure sectors.

The current fiscal was also witnessing a revival of some old economy sectors like steel, cement and construction, it said, adding that these developments were likely to be sustained during the year and should have a positive impact on its operations.

PTI