IDBI Q3 Net Spurts 18%

Mumbai, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
The Industrial Development Bank of India (IDBI) has registered a 17.5 per cent rise in its net profit for the third quarter of the ongoing fiscal at Rs 47 crore, compared to Rs 40 crore in the corresponding period last fiscal. For the first nine months of the fiscal, net profit was up 15.54 per cent at Rs 223 crore (Rs 193 crore).

The rise in net profit in third quarter was despite an aggressive provisioning for bad and doubtful debts/investments: provisions grew 75.23 per cent to Rs 389 crore (Rs 222 crore). The provisions were higher by 40.15 per cent at Rs 925 crore (Rs 660 crore) for the nine months.

Income from operation for the third quarter declined to Rs 1,639 crore (Rs 1,797 crore) with total expenditure including interest cost also declining to Rs 1,230 crore (Rs 1,509 crore).

IDBIs aggregate sanctions under all schemes of assistance during April-December 2003 aggregated Rs 4,409 crore (Rs 1,338 crore), representing a rise of nearly 230 per cent. Disbursements in the same period were up by 74 per cent at Rs 3,347 crore (Rs 1,921 crore). Sanctions and disbursements to infrastructure sector moved up 362 per cent and 108 per cent respectively and that accounted for 47 per cent and 32 per cent of total sanctions and disbursements.

Total borrowings (domestic and overseas) in nine months stood at Rs 10,036 crore (Rs 8,524 crore) with the rupee borrowings aggregating Rs 9,565 crore. The cost of incremental rupee borrowing was at 6.63 per cent per annum, significantly lower by 200 basis points.