| IDFC chairman Deepak Parekh said loan approvals will be to the tune of Rs 7,000 crore this fiscal. He spoke to Business Standard after the board meet today in Mumbai to approve the audited results for financial year ended March 31, 2004. |
| IDFC's total income increased by 39 per cent to Rs 637.08 crore in fiscal 2004 from Rs 458.87 crore in the previous year. Its net profit went up by 44 per cent to Rs 259.15 crore from Rs 179.95 crore in fiscal 2003. Operating income as a percentage of total income rose to 84 per cent in fiscal 2004. |
| The net worth of the company has increased to Rs 1,699.13 crore. Even as the size of the balance sheet has grown to about Rs 6,000 crore, IDFC continues to enjoy zero net non-performing assets. |
| The institution's business vision will be to capitalise on the opportunities in the infrastructure sector and make the company more robust. This follows IDFC having been appointed as the nodal agency to administer the Rs 50,000 crore infrastructure fund set up by the government. |
| "We will look at small infrastructure projects in the areas of road, telecom, power, health and education," said Parekh. This is as promoters of various infrastructure projects can avail of loans from the consortium of lenders including the Life Insurance Corporation of India (LIC), State Bank of India (SBI), Punjab National Bank, IDBI, among others. |
| IDFC saw a 149 per cent increase in approvals at Rs 5,727 crore in fiscal 2004. Disbursements rose by 185 per cent to Rs 2,704 crore as the institution funded 59 projects as opposed to funding 29 infrastructure projects last year. |
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