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IDBI nets Rs 3.03 billion in Q3

Industrial Development Bank of India has posted a net profit of Rs 3.03 billion for the quarter ended December 31, 1998. Net profit for the first nine months of the current financial year was Rs 10.08 billion.

Total income during the quarter was Rs 19.30 billion and the income for nine months was Rs 56.53 billion. The financial institution recorded a gross profit of Rs 3.60 billion, provided a depreciation of Rs 510 million and made a tax payment of Rs 60 million. Total expenditure was Rs 15.70 billion during the quarter.

Overall sanctions during April-December 1998 registered a growth of 27.5 per cent to Rs 199.24 billion over sanctions of Rs 158.56 billion during the corresponding period of 1997.

Disbursements during the same period at Rs 93.46 billion, however, recorded a modest increase over disbursements of Rs 92.53 billion made during April-December 1997.

Industry-wise, the share of electricity generation in overall assistance approved at 36.8 per cent was the highest, followed by chemicals and chemical products 14.3 per cent, textiles 6.4 per cent, iron and steel 4.5 per cent and telecom services 3.3 per cent.

Together, these five industries accounted for 65.3 per cent of total assistance, approved during April-Decmber 1998. The sharp increase in assistance to electricity generation was due to 16 large projects, which were extended assistance during the period under review. Similarly, three large telecom projects and three major roads and bridges projects were sanctioned assistance during this period.

UNI

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