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IDBI net profits double. - Views on News from Equitymaster
 
 
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  • Apr 21, 2000

    IDBI net profits double.

    IDBI Bank is promoted by one of India's largest development financial institutions - Industrial Development Bank of India. The bank is autonomous and professionally managed and has emerged as one of India's leading private sector banks.

    During the current year, the bank undertook major initiatives in improving and upgrading technology based services by resorting to increasing computerisation. It also increased the number of branches from 26 to 39 during the year. 7 new ATMs were added to its network during the current year.

    (Rs m) FY1999 FY2000 Change
    Interest Income 2,950 4,238 44%
    Other Income 289 551 91%
    Expenditure 488 544 11%
    Operating Profit (EBDIT) 2,462 3,694 50%
    Operating Profit Margin (%) 83.5% 87.2%
    Interest 2,309 3,326 44%
    Depreciation 57 83 46%
    Profit before Tax 385 836 117%
    Other Adjustments 33 53 61%
    Tax 44 173 293%
    Profit after Tax/(Loss) 308 610 98%
    Net profit margin (%) 10.4% 14.4%
    Earnings per share 2.20 4.35 98%

    An analysis of the current year results shows that fee based income forms a substantial portion of the total income. The bank's capital adequacy ratio is 11.8 per cent well above the Reserve Bank of India benchmark of 9%. Priority sector advances were 43% and export advances were 17.5% to the total net credit. The bank's net Non Performing Assets (NPAs) to Advances currently stand at 1.61%. The bank has upped its dividend rate to 12% against 9% in the previous year.

    Going forward, IDBI Bank intends to provide services such as Internet banking and networking of branches. It has also indicated its willingness to take over other banks to increase its market share.

     

     

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