The Hindu Business Line : IDBI first quarter net dips to Rs 23 cr

THE Industrial Development Bank of India (IDBI) has suffered a fall in net profit on a decreased turnover for the first quarter of the current fiscal ended June 30.

As per the audited financial results approved by the IDBI board here on Thursday, the income from operations dipped to Rs 1,340 crore from Rs 1,575 crore in the corresponding quarter of previous fiscal, other income improved to Rs 39 crore (Rs 23 crore), while the net profit slipped to Rs 23 crore (Rs 51 crore).

For the fifteen months period ended June 30, IDBI has posted a net profit of Rs 348 crore on a turnover of Rs 8,357 crore as against a net profit of Rs 401 crore on a turnover of Rs 7,481 crore in the previous fiscal (12 months) ended March 2003.

With a view to avoiding the closing and balancing of its books of accounts twice over, once on March 31, 2004 and again on the `appointed date' of conversion of IDBI into a banking company, IDBI has obtained the approvals of its board and Government to extend the accounting period of financial year 2003-04 by six months up to September 30, 2004.

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