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IDBI's 6-month net at Rs 307 cr

Our Bureau

Mumbai , April 30

INDUSTRIAL Development Bank of India (IDBI) has earned net profit of Rs 307 crore during the six-month ended March 31, 2005. The bank has not given comparable figures for the corresponding period in the previous year.

The Reserve Bank of India had approved the scheme of amalgamation of IDBI Bank Ltd, with IDBI Ltd effective from April 2, 2005. The appointed date for the merger as per the approved scheme was October 1, 2004. Accordingly, the balance sheet and P&L account for the six-month accounting period ended March 31, 2005 have been drawn up for the merged entity, the bank said in a press release.

A dividend at Rs 0.75 per share on equity shares for the six-month period has been recommended by the board for adoption by the shareholders.

Total income of the bank during the six-month period was Rs 3,282.85 crore.

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