IDBI Bank net profit up 34%
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- Published 31.07.11
Mumbai, July 30: Public sector lender IDBI Bank today reported a 34 per cent rise in net income at Rs 335 crore for the June quarter against Rs 251 crore in the same period last year.
Profit was driven by a rise in interest income and interest margin, despite advances growing at a slower pace of 15 percent compared with the previous quarter.
Net interest income jumped 36 per cent to Rs 1,152 crore from Rs 844 crore on a quarter-on-quarter basis.
Net interest margin, the difference between the interest income a bank earns on its advances and the interest it pays on its deposits, increased to 2.07 per cent from 1.61 per cent in the year-ago period.
Aditya Birla Group company Grasim Industries has posted a 30.71 per cent rise in consolidated net profit at Rs 751.67 crore for the quarter ended June 30, 2011 against Rs 575.06 crore in the year-ago period.
Consolidated net sales increased 16.15 per cent to Rs 5,872.10 crore from Rs 5,055.19 crore last fiscal.
Net profit of state-owned United Bank of India (UBI) rose 23.3 per cent to Rs 132.4 crore for the June quarter from Rs 107.8 crore in the same quarter last fiscal.
Total income rose 29 per cent to Rs 2,008.1 crore from Rs 1,557.8 crore in the same period last year.
Jammu & Kashmir Bank today posted a 24.6 per cent jump in net profit at Rs 182.2 crore for the first quarter against Rs 145.9 crore in the year-ago period.