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IDBI Q2 net down 85 pc at Rs 25.2 cr

Our Bureau

MUMBAI, Nov. 29

INDUSTRIAL Development Bank of India (IDBI) today reported an 85 per cent drop in net profit to Rs 25.2 crore for the quarter ended September 30, 2001, as compared to Rs 164.7 crore for the quarter ended September 30, 2000.

Mr P.P. Vora, Chairman, IDBI, attributed the fall in net profit to increased provisioning of Rs 162.9 crore compared to Rs 130.9 crore during the second quarter of the previous year.

Mr Vora said IDBIs incremental cost of funds was just above 10 per cent.

The institutions income from operations fell markedly to Rs 1,898.7 crore (Rs 2,048.2 crore) while other income dropped to Rs 27 crore (Rs 38.2 crore).

Total expenditure remained constant at Rs 73.7 crore.

There was no provision for tax this quarter as against Rs 11 crore in the comparable period last year.

For the half year ended September 30, 2001, net profit has fallen 47 per cent to Rs 207 crore compared to Rs 388.4 crore during the corresponding period last year.

Income from operations for the period fell to Rs 4,056.1 crore (Rs 4,114.7 crore) and other income was Rs 71.2 crore (Rs 6.56 crore).

Total expenditure was Rs 159.4 crore (Rs 128.7 crore). Tax provisions were Rs10 crore (Rs 38 crore).