IDBI Bank: Maintains growth momentum - Views on News from Equitymaster

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IDBI Bank: Maintains growth momentum

Jan 28, 2004

IDBI Bank continues to maintain its strong growth momentum backed mainly by strong growth in its advances (aiding topline growth) as well as strong growth in its other income. The bank has reported a strong bottomline growth of 32% on the back of a 23% rise in topline in the December quarter on a YoY basis. The performance of the bank in 9mFY04 is better, with strong growth reported both in topline as well as the bottomline. Fall in interest expenses have also helped the bank improve its bottomline performance.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Income from Operations 1,562 1,923 23.1% 4,430 5,287 19.4%
Other Income 587 501 -14.7% 1,215 1,584 30.3%
Interest Expenses 1,031 1,035 0.4% 2,999 2,974 -0.8%
Net interest income 532 888 67.1% 1,431 2,313 61.7%
Other Expenses 540 649 20.3% 1,469 1,846 25.7%
Operating Profit (8) 239   (38) 467  
Operating Profit Margin (%) -0.5% 12.4%   -0.9% 8.8%  
Provisions and Contingencies 145 174 20.1% 334 546 63.5%
Profit before Tax 434 566 30.4% 843 1,505 78.5%
Tax 159 203 27.3% 296 557 87.9%
Profit after Tax/(Loss) 274 363 32.2% 547 948 73.4%
Net Profit Margin (%) 17.6% 18.9%   12.3% 17.9%  
No. of Shares (m) 140.0 213.6   140.0 213.6  
Diluted Earnings per share* 7.8 6.8   5.2 5.9  
P/E Ratio         9.1  
*(annualised)            

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