New Delhi, July 31: With discernible rebound in the industrial growth, Industrial Development Bank of India is aiming around 21 per cent rise in net profit of over Rs 480 crore this fiscal as it geared up to convert into bank. This was discussed at the Board meeting held here to announce the first quarter results, which reported a 36 per cent increase in net profit of Rs 51 crore as against Rs 38 crore in the same period of last year.

The Parliamentary Standing Committee had approved the Industrial Development Bank (Transfer of Undertaking and Repeal) Bill enabling the corporatistion of the country’s largest term lending institution and irts coversion into a banking company.

Meanwhile an IDBI release said it was gearing up to be in a state of complete preparedness for a smooth transition to the new business model.
IDBI's income declined by 5.41 per cent to Rs 1,575 crore in the first quarter as against Rs 1,665 crore recorded during the same quarter last year, a release said. Bureau Report