IDBI Bank net soars 64% to Rs 37 crore in Q1

IDBI Bank's net profit in the quarter ended June 2004-05 increased by 64 per cent to Rs 36.7 crore against Rs 22.3 crore in the corresponding quarter last fiscal.

The rise in net profit was mainly on account of a 27.7 per cent increase in total income to Rs 139.7 crore (Rs 109.4 crore).

IDBI Bank managing director Nageshwar Rao said the bank has posted good results on account of the bank's increased focus on core earning.

The rise in total income was driven by growth in net interest income and core fee-based income. The bank's net interest income rose by 47.2 per cent to Rs 98 crore (Rs 66.6 crore). Core fee-based income rose 29.6 per cent to Rs 47.7 crore (Rs 36.8 crore).

The bank's treasury income registered a loss of Rs 6 crore in the quarter ended June 2004 against a profit of Rs 6 crore in the preceding quarter.

Total deposits increased by 76.7 per cent to Rs 11,023 crore (Rs 6,236 crore).

Retail assets grew 94.2 per cent to Rs 3,891 crore (Rs 2004 crore). Of the total retail assets, home loans increased by 94.8 per cent to Rs 3,297 crore (Rs 1,692 crore).

The banks net non performing assets (NPAs) to advances ratio dipped to 0.2 per cent from 0.4 per cent in June 2003.

Provisions and write off in the quarter ended June 2004 stood at Rs 11.3 crore against 16.4 crore. The banks capital adequacy ratio increased to 9.9 per cent against 8.2 per cent.