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IDBI reports lower net at Rs 401 crore

New Delhi, May 7: The Industrial Development Bank of India continued its downward trend as yearly profits slipped again in 2002-03, the third in a row, while non-performing assets leapt by nearly 10 per cent.

Net profit for the year stood at Rs 401 crore as against Rs 424 crore in 2001-02, which itself was around 38 per cent lower than the profits in 1999-2000.

The Mumbai-based development financial institution, which is on the brink of being reconstituted into a commercial bank, however, declared a dividend of 15 per cent. Chairman P. P. Vora refused to field questions relating to IDBI’s retail banking operations. “No comments”, said Vora when asked if there is a possibility of IDBI being merged with it’s subsidiary IDBI Bank in which it currently holds around 58 per cent.

Regarding IDBI reducing it’s stake in IDBI Bank from 58 per cent to 49 per cent as per Reserve Bank’s guidelines, Vora said, “We don’t have any such proposals at the moment.”

Last November, the government had provided a Rs 2,500-crore package for IDBI and had introduced a Bill to repeal the IDBI Act which would enable it to undertake commercial banking activities.

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