IDBI profits up 38%

MUMBAI, August 12: The Industrial Development of Bank (IDBI) has posted a 38 per cent rise in its net profit to Rs 327 crore during the fir...

MUMBAI, August 12: The Industrial Development of Bank (IDBI) has posted a 38 per cent rise in its net profit to Rs 327 crore during the first four months of 1997-98 compared with Rs 237 crore in the same period of the previous year. Its net profit had jumped 13.6 per cent to Rs 1144.2 crore during the full year of 1996-97.

Sanctions have witnessed a 51 per cent jump, while disbursements have fallen 6 per cent when compared to the last year. The bank had to account for a tax liability of Rs 117 crore in the first quarter as against Rs 187 crore in the corresponding period of 1996-97. Sanctions had dipped 4.2 per cent, while disbursement increased 7 per cent during the full year of 1996-97.

Addressing the third annual general meeting, IDBI chairman and managing director S H Khan said the operating income had gone up 19 per cent during the quarter. He said sanctions through direct assistance have spurted 76 per cent, while disbursement has jumped 4.5 per cent during the period.

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IDBI had recorded a capital gains tax amounting to Rs two crore compared with Rs 10 crore accrued during the corresponding period of 1995-96. Refinancing and rediscounting have fallen drastically by 50 per cent during the year.

"The business in this segment has shrunk as the liquidity in the system has drastically improved," Khan said.

ICICI Bank issue oversubscribed

The Rs 144-crore ICICI Bank issue has been oversubscribed by over 5.5 times. Though the exact figure is still being compiled, the offer — which closed today — has received over six lakh applications, bank sources said.

Public Safety Minister Gary Anandasangaree said the designation gives law enforcement “enhanced powers to combat a group that has instilled fear through violence and intimidation”.

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