IDBI Quarterly Net Rises 14 Per Cent To Rs 40 Cr

Mumbai, January 28: | Updated: Jan 29 2003, 05:30am hrs
Industrial Development Bank of India (IDBI) has posted a 14.29 per cent rise in its net profit for the quarter ended December 2002 at Rs 40 crore, backed by a deferred tax credit to the tune of Rs four crore.

However, net profit for the first nine months of 2002-03 dwindled by 20.25 per cent to 193 crore, even as the the FI has got a credit of Rs 22 crore from deferred tax.

IDBIs income from operations for the quarter also come down by 5.687 per cent to Rs 1,797 crore while that of the nine-month period ended December 2002, it was even steeper at 7.86 per cent to Rs 5,497 crore, IDBI said in a release after its board meeting here on Tuesday.

The FI has increased the provision the quarter for bad and doubtful debts and investments written off by Rs five crore to Rs 222 crore while depreciation for the quarter was down from Rs 55 crore to Rs 51 crore. However, total expenditure has been brought down to Rs 62 crore, against Rs 66 crore the same quarter the previous year.

Other income of the FI also went up to Rs 27 crore from Rs 21 crore during the same quarter of the previous year.