Indore, Sept 11: Leading private sector bank, IDBI, has reported a net profit of Rs 71.1 crores in 2002-03, recording a 36 per cent growth over last year's net profit. "The bank has delivered spectacular result by reporting a net profit of Rs 71.1 crores in the financial year 2002-03, which is 36 per cent more than the last year," IDBI chairman P P Vora told reporters here.
The bank will continue on its growth path and create greater value for its shareholders, Vora said, adding this growth has happened because of high focus on quality. The provision cover against non-performing assets has moved upto 76 per cent, which is one of the best in the industry, he said.
Practically, the entire increase in other income has come from growth in core customer transaction fees including superior earnings quality and a stable revenue flow. The bank has continued to invest in developing infrastructure resulting in a network of 92 branches, six extension counters and 288 ATMs across 68 cities against 75 branches, three extension counters and 225 ATMs last year, he said. Bureau Report