IDBI Bank's outstanding profit growth - Views on News from Equitymaster

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IDBI Bank's outstanding profit growth

Jul 27, 2000

IDBI Bank has recorded 26% growth in net profits to Rs 119 m on the interest income of Rs 1.3 bn. Excluding the provision & contingencies, the bank's profits increased by 152% to Rs 255 m. Due to less than proportionate increase in the interest expenditure, the bank's operating margins rose to 19.5%.

(Rs m)1QFY001QFY01Change
Interest Income 842 1,252 48.7%
Other Income 109 244 123.2%
Interest Expended 694 1,009 45.3%
Operating Profit (EBDIT) 148 244 64.9%
Operating Profit Margin (%)17.5%19.5% 
Other Expenses 102 169 66.7%
Depreciation 20 25 23.9%
Profit before Tax136294116.7%
Provision & Contingencies71361956.1%
Tax 34 39 13.4%
Profit after Tax/(Loss) 95 119 25.8%
Net profit margin (%)11.2%9.5% 
No. of Shares (eoy) (m) 140.0 140.0  
Diluted number of shares 140.0 140.0  
Diluted Earnings per share* 2.7 3.4  
*(annualised)   

The bank's deposits witnessed a growth of 28% to Rs 38 bn and advances grew by 45% to Rs 16 bn.

At the current market price of Rs 24.5, IDBI Bank is trading at PER of 7 times its 1QFY01 earnings. The bank has Price/Book value ratio of 1.3 times.

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