IDBI Bank's net up 134%

IDBI Bank's net up 134%

MUMBAI, JANUARY 12: IDBI Bank continued to put up impressive performance in 1999-2000 with net profit in the third quarter ended December 31, 1999 zooming by 134 per cent to Rs 14.45 crore over the corresponding period of last year. The bank's net profit for the first nine months of 1999-2000 stood at Rs 33.93, a growth of 110 per cent over Rs 16.17 crore for the corresponding period of previous year.

The bank's strategy of growing fee-based income is paying with other income increasing by 87 per cent to Rs 13.70 crore dring the quarter, IDBI Bank managing director D K Mukherjee said. He said the bank will shortly be tapping the market fortier II capital to the extent of Rs 100 crore through the private placement route. During the quarter, the bank's savings deposits grew by 51 per cent to Rs 3,321.13 crore and customer advances by 32 per cent to Rs 1,496.11 crore.