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IDBI Bank Q4 net up 62% at Rs516 crore

For the full-year ended 31 March 2011, the lender reported a net profit of Rs1,650.32 crore against Rs1,031.13 crore in the same period year-ago, a growth of 60.05%

Mumbai: IDBI Bank today posted a jump of 62.13% in net profit at Rs516.25 crore for the fourth quarter ended 31 March 2011 compared to Rs318.41 crore in the same period last year, IDBI Bank said in a filing to the Bombay Stock Exchange (BSE).

Total income of IDBI for the January-March quarter rose by 23.18% to Rs5,700.65 crore from Rs4,627.91 crore in the same period last year.

Net interest income (NII) rose by 46% at Rs1,109 crore against Rs760 crore, year-on-year (y-o-y). The bank's other income also rose to Rs676 crore versus Rs545 crore a year ago, while provisions fell to Rs282 crore compared to Rs542 crore, y-o-y.

Gross non-performing asset (NPA) rose by 1.76% as against 1.53% on an annual basis while it declined compared to 2.22% on quarter-on-quarter basis. Net NPA increased by 1.06% as against 1.02% on y-o-y basis and went down compared to 1.2% on q-o-q basis.

For the full-year ended 31 March 2011, the lender reported a net profit of Rs1,650.32 crore against Rs1,031.13 crore in the same period year-ago, a growth of 60.05%.

The board of directors of the bank has proposed a dividend of Rs3.50 per share for the year 2010-11.

However, on a consolidated basis, the bank reported a net profit of Rs1,563.51 crore for the year ended 31 March 2011 as compared to Rs1,020.53 crore in the same period last year.

For the financial year 2010-11, NII soared 92% to Rs4,329 crore from Rs2,256 crore while other income fell by 9% to Rs 2,083 crore from Rs 2,301 crore. Provisions increased to Rs1,876 crore as against Rs 1,681 crore a year earlier, the bank said.

"The figures of the current period include the working results of the two erstwhile wholly-owned subsidiary of the bank, namely, IDBI Home Finance and IDBI Gilts for the period from 1 January 2011 to 31 March 2011 consequent on merging with the bank. Accordingly, the figures of the previous year are not strictly comparable," it added.

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