IDBI Bank retains P1 plus

The P1 plus (P one plus) rating assigned to the certificate of deposit programme of IDBI Bank has been reaffirmed.

The recommended rating reflects its healthy profitability, average asset quality and its strong parentage. Partly offsetting these strengths are concerns over the bank's relatively high cost of funds, small size and limited track record.

IDBI Bank is among the new generation private sector banks, set up after the deregulation of the banking sector in India.

The bank is promoted by IDBI and SIDBI. IDBI Bank had a balance sheet size of Rs. 4,512.2 crores as at March 31, 2000 and it reported a PAT of Rs. 60.99 crores for the year ended March 31, 2000. It is a depository and provider of working capital finance to commercial and corporate clients and has 1.65 lakh customer accounts.

Corporate Bureau

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Section  : Business
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