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IDBI: Provisioning hits performance

May 5, 2004

IDBI, the financial sector behemoth, has reported dull results for 12 months ending March 2004 (the financial year has been extended by 6 months to September 2004). Though the company continues to witness topline pressure, reduced interest expenses have improved its net interest margins. Further, if it were not for the higher provisioning during the March quarter, the bottomline would have actually grown. IDBI's topline fell by 7% in the 12 month period ending March 2004, while its bottomline has fallen by 19%. However, in the March quarter, the institution witnessed a marginal growth (3%) in its topline, while bottomline fell by over 51%.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04** Change
Income from Operations 18,410 19,010 3.3% 73,370 68,350 -6.8%
Other Income 620 710 14.5% 1440 1430 -0.7%
Interest Expenses 10,610 11,740 10.7% 54,340 47,150 -13.2%
Net interest income 7,800 7,270 -6.8% 19,030 21,200 11.4%
Other Expenses 810 740 -8.6% 2,830 2,820 -0.4%
Operating Profit 6,990 6,530 -6.6% 16,200 18,380 13.5%
Operating Profit Margin (%) 38.0% 34.4%   22.1% 26.9%  
Provisions and Contingencies 4,940 6,420 30.0% 13,090 16,490 26.0%
Profit before Tax 2,670 820 -69.3% 4,550 3,320 -27.0%
Tax 580 -200 -134.5% 540 70 -87.0%
Profit after Tax/(Loss) 2,090 1,020 -51.2% 4,010 3,250 -19.0%
Net Profit Margin (%) 11.4% 5.4%   5.5% 4.8%  
No. of Shares (m) 653 653   653 653  
Diluted Earnings per share* 12.8 6.2   6.1 5.0  
P/E Ratio         11.5  
*(annualised)            

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