The Industrial Development Bank of India today announced a 14.84 per cent jump in net profit in the fourth quarter of 2002-03 to Rs 209 crore from Rs 182 crore in the corresponding period in 2001-02.
The company's profit before tax, depreciation and provisions shot up 119 per cent to Rs 761 crore during January-March 2003 from Rs 347 crore in the corresponding period last year.
For the year ended March 31, 2003, IDBI's net profit fell 5.42 per cent to Rs 401 crore from Rs 424 crore in 2002-03. Annualised earning per share with a face value of Rs 10 was estimated at Rs 6.15 in 2002-03, against Rs 6.50 in 2001-02. The institution announced a dividend of 15 per cent for its shareholders.
A large part of the profit was due to savings by IDBI because of prepayment and repayment of high cost debt, including a gain of Rs 350 crore on account of a government-sponsored restructuring of liabilities of state-owned banks and financial institutions.
Additionally, IDBI posted capital gains of over Rs 100 crore, of which Rs 69 crore was received from sale of its stake in the mutual fund, IDBI Principal.
IDBI Chairman and Managing Director P P Vora told reporters at a press conference that the financial institution
