IDBI Bank Q4 net up 129 per cent

By Mumbai: | 23 Apr 2004

1
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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