IDBI Q1 net profit up 36 per cent

Mumbai: Industrial Development Bank of India (IDBI) has posted a 36-per cent increase in net profit at Rs 51 crore for the quarter ended June 2003.

The profit figure for the corresponding quarter last year was Rs 38 crore. Income from operations stood at Rs 1,575 crore (Rs 1,665 crore).

Total borrowings/drawals (both in rupees and foreign currency) stood at Rs 2,776 crore (Rs 1,942 crore). The rupee borrowings aggregating Rs 2,397 crore comprised mobilisation through Omni bonds (Rs 1,056 crore), public bonds under Flexibonds (Rs 486 crore), fixed deposits (Rs 269 crore), certificates of deposit (Rs 7 crore), short-term deposits (Rs 199 crore) and commercial papers (Rs 380 crore).

Foreign currency borrowings/drawals during the period amounted to Rs 379 crore as against Rs 368 crore raised during April-June 2002.

"There is a discernible rebound in industrial growth, encompassing manufacturing and core infrastructure sectors. The current financial year is also witnessing a revival of some of the old economy sectors such as steel, cement and construction. These developments are likely to be sustained during the year and should have a positive impact on the bank's operations," IDBI said in a press release.