The Industrial Development Bank of India (IDBI) has posted 14.28 per cent rise in net profit during the third-quarter ended on December 31, 2002, to Rs 40 crore compared with Rs 35 crore during the corresponding quarter the preceding year.
However, during the nine-month period ended December 31, 2002, net profit declined 20.24 per cent to Rs 193 crore compared with Rs 242 crore in the corresponding period last year.
The financial institution has seen a massive fall in its sanctions and disbursements during the nine-month period. Sanctions have dropped by 90.01 per cent to Rs 1,231 crore (Rs 13,539 crore), while disbursements have fallen by 80.67 per cent to Rs 1,797 crore (Rs 9300 crore).
More From This Section
Income from operations in the third quarter declined by 5.86 per cent to Rs 1,797 crore (Rs 1,909 crore). Other income, however, improved by 28.57 per cent to Rs 27 crore (Rs 21 crore).
Total expenditure during the quarter declined slightly to Rs 62 crore (Rs 66 crore). Interest costs have also declined by 7.06 per cent to Rs 1,447 crore (Rs 1,557 crore).
The term-lending institution has made a provision of Rs 222 crore for bad debts and investments compared with Rs 217 crore the preceding year.
During the nine-month period, the provisions stood at Rs 660 crore (Rs 644 crore).