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IDBI Bank's outstanding profit growth - Views on News from Equitymaster
 
 
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  • Jul 27, 2000

    IDBI Bank's outstanding profit growth

    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) 1QFY00 1QFY01 Change
    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 Tax 136 294 116.7%
    Provision & Contingencies 7 136 1956.1%
    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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