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IDBI Bank Q3 Profit Rises By 2%

IDBI Bank Ltd., provider of personalized banking services and customized financial solutions, in a filing with the Bombay Stock Exchange, reported an increase in its net profit for the third-quarter, on higher net interest and non-interest income.

The Mumbai-based bank posted a third-quarter net profit of Rs.416.76 core, compared with Rs.409.81 crore or Rs.3.90 per share in the third-quarter of last year, reflecting a two percent growth. On a per share basis, its earnings per share fell by 16 percent to Rs.3.26 from the Rs.3.90 in the year-ago quarter.

Net interest income for the quarter rose by 33 percent to Rs.1,413.18 crore from the Rs.1,059.47 crore in the preceding year quarter, while non-interest income nearly doubled to Rs.869.83 crore from the Rs.432.62 crore in Q3FY12.

The bank's total income for the quarter totaled Rs.7,070.19 crore, up by 13 percent from the Rs.6,281.83 crore in the year-ago quarter.

For the nine months, its net profit amounted to Rs.1,327.64 crore, compared with Rs.1,260.83 crore in the corresponding period a year ago, an increase of five percent.

Net interest income for the nine-month period amounted to Rs.3,933.13 crore, flat from last year's Rs.3,333.93 crore, while non-interest income surged by 56 percent to Rs.2,072.62 crore from the Rs.1,325.68 crore for the period ended December 31, 2011.

For the nine moths, the bank's total income increased by 11 percent to Rs.20,740.03 crore from the Rs.18,616.14 crore in the preceding year.

Gross non-performance assets as a proportion of gross customer assets were at 3.67 percent, while net non-performance assets as a proportion of net customer assets were at 1.93 percent.

IDBI Bank closed Friday's trading at Rs.113.35, down 0.92 percent from the previous close at the BSE.

by RTTNews Staff Writer

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