IDBI Q1 net up 7.56%

IDBI Bank posted just a 7.56 per cent growth in net profit at Rs 171.83 crore for the first quarter ended June 2009 as against Rs 159.76 crore in the same period in 2008-09 due to sharp rise in provisions.

 Its total income for the reporting quarter rose to Rs 4,218.91 crore from Rs 2,756.15 crore in April-June 2008, the public sector bank said in a statement. Its net interest income (NII) jumped by 249 per cent to Rs 316 crore as against Rs 91 crore.

Its other income improved to Rs 755.61 crore from Rs 339.91 crore.

Its provisions, other than those made for tax, made in first quarter zoomed to Rs 560.32 crore from Rs 36.91 crore. These provisions are much higher than Rs 392.28 crore made for entire year 2008-09.

Mumbai-based public sector lender reported a 42 per cent growth in total business (deposits plus advances) at Rs 2,13,509 crore at end of June 2009 from Rs 1,50,832 crore a year ago. Its deposit base saw a 59 per cent to Rs 1,15,554 crore.

The advances grew by 25 per cent to Rs 97,955 crore. Its aggregate assets were up 34 per cent Rs 1,74,608 core from Rs 1,30,410 crore.

Reflecting the stress of industrial and economic slowdown, its gross non-performing assets (NPAs)  rose to Rs 1,748.04 crore (1.77 per cent) from Rs 1,578.18 crore (1.98 per cent). At end of March 2009, gross NPA were Rs 1,435.69 crore.

Its capital adequacy ratio stood at 12.30 per cent (tier I : 7.11 per cent).

IDBI stock was quoting at 100.20, up 5.92 per cent over previous close on Bombay Stock Exchange (BSE).