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IDBI
Bank Q4 net up 129 per cent
Our
Banking Bureau
23 April 2004
 Mumbai:
IDBI Bank registered a 129 per cent jump in net profit
for the quarter ended March 2004. The profit was Rs 37.6
crore up from Rs 16.4 crore in the corresponding period
of the previous year. The board of directors has declared
a dividend of Rs 1.25 per share, with the total outgo
from the bank pegged at Rs 30 crore.
For
the full year ended March 2004, the bank has grown its
net profit figure by 86.3 per cent to Rs 132.5 crore (Rs
71.1 crore).
 For
the fourth quarter, net interest income increased by 70
per cent to Rs 99.7 crore (Rs 58.6 crore). Fee income
increased by 49.3 per cent to Rs 53.9 crore (Rs 36.1 crore)
even as trading fees from the government securities markets
reduced by 126.7 per cent to Rs - 2 crore (Rs 7.5 crore).
Total
income increased by 48.5 per cent to Rs 151.6 crore (Rs
102.1 crore). Operating costs increased by 20 per cent
to Rs 72.0 crore (Rs 59.7 crore).
Net
interest margin for FY 04 was at 3.1 per cent (2.7 per
cent) and average cost of deposits decreased to 4.1 per
cent (5.9 per cent).
G.V. Nageshwar Rao, Managing Director, IDBI Bank said,
"We plan to open 28 new branches across the country
to increase the distribution by 30 per cent. We have adopted
a mixed strategy in which we will increase our density
in metros and also establish presence in new Tier III
markets."
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