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January 18, 2008 |
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INDUSTRIAL DEV'T BANK: Earns INR1.76 Bil. in Qtr. Ended Dec. 30 The Industrial Development Bank of India Ltd, for the three months ended Dec. 30, 2007, posted a net profit of INR1.76 billion, more than 39% compared to the INR1.27 billion earned in the same quarter in 2006. Total revenues for the Oct.-Dec. 2007 quarter jumped 32% to INR24.71 billion, which includes interest on advances of INR17.06 billion. Total expenditure increased by 24% to INR20.79 billion. The company also provided INR215 million for taxes and booked INR1.95 billion for provisions and contingencies. A copy of the company's financial results for the quarter ended Dec. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?2721 Headquartered in Mumbai, India, Industrial Development Bank of India -- http://www.idbi.com -- is a commercial bank that offers a range of products, including secured loans, such as housing loans, mortgage loans and loan against securities, and unsecured loans, such as personal loans, educational loans and overdrafts to merchant establishments. It also distributes third-party products, such as insurance and mutual fund products to its retail customers. IDBI also offers project financing, film financing, equipment financing, asset credits, corporate loans, working capital loans, direct discounting, the financing of receivables, venture capital funds, bill rediscounting, rehabilitation financing, foreign exchange and merchant banking. * * * As part of the application of Moody's Investors Service's refined joint default analysis and updated bank financial strength rating methodologies, the rating agency, on April 24, 2007, affirmed Industrial Development Bank of India's BFSR at D-. Moody's also maintains the bank's Foreign Currency Deposit Rating at Ba2. |
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