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IDBI Q2 net profit down 40 per cent at Rs 2.05 billion

The Industrial Development Bank of India has reported a 40 per cent drop or Rs 1.38 billion in its net profit during the quarter ended September 30, 1999.

The IDBI has posted a net profit of Rs 2.05 billion for the quarter as against Rs 3.43 billion recorded in the corresponding period a year ago.

Income from operations stood higher by Rs 1.12 billion at Rs 19.24 billion during the quarter period ended September 30, 1999 as against Rs 18.12 billion reported in the corresponding period of last year.

The bank has posted a decline of Rs 2.09 billion in the net profit during the first half year ended September 30, 1999. During the first half of this year, the bank has posted a net profit of Rs 4.96 billion as against Rs 7.05 billion reported in the corresponding period of last year, an IDBI media statement said.

Sanctions of assistance of the IDBI under all the schemes during April-September 1999 aggregated Rs 133.95 billion, higher by 3.1 per cent over Rs 129.88 billion sanctioned in the corresponding period of the previous year. Disbursements during the same period increased by 9.1 per cent from Rs 66.18 billion to Rs 72.18 billion.

Aggregate assets of the bank as on September 30, 1999 increased by 7.5 per cent to Rs 703.25 billion over Rs 654.15 billion as on September 30, 1998.

Sanctioned under direct finance schemes increased from Rs 126.09 billion during April-September 1998 to Rs 127.43 billion during April- September 1999 and formed 95.1 per cent of total sanctions. Disbursement increased by 5.2 per cent to Rs 66.69 billion during the same period.

Sanctions and disbursements under project schemes aggregated Rs 77 billion and Rs 31.86 billion respectively. Sanctions and disbursement of non-project assistance during the first half of the current year increased by 26 per cent to Rs 50.43 billion and Rs 34.83 billion respectively.

Indusry-wise, share of electrcity generation (31.6 per cent) in the overall assistance approved was the highest, followed by other other chemicals (10.7 per cent), textiles 6.5 per cent), electrical and electronoc equipment (4.3 per cent) and artificial fibre (4.0 per cent).

Together, these five industries accounted for 57.1 per cent of total assistance approved during April-September 99. These five industries shares 44 per cent of total disbursements during the period.

The bank continued to treat infrastructure financing as a focus area. During April-September 1999, assistance to infrastructure constituents accounted for 38.4 per cent of total sanctions and 15 per cent of total disbursements.

UNI

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