developments
It also offers refinancing options including term loans to the suitable financial institutions
It provides funding to the industrial units that are involved in manufacture or processing of goods, mining, transport generation and distribution of power both in private and public sectors
It also provides finance to various projects, expansion of any project, diversifications, or even developing the projects which will exceed Rs. 30 million and it also provides funding to those projects which cost less than Rs. 30 million through indirect means as it offers refinancing to the main financial institutions such as SFC/SIDC/Commercial Banks
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IDBI Bank July-Sep net up 57 pct, beats f'cast
State-owned IDBI Ltd on Monday posted a 57 percent rise in July-September net profit, helped by growth in both the net interest income and fee-based income, beating analyst forecasts. Net profit of the bank for the second quarter was at 2.54 billion rupees, up from 1.62 billion rupees a year ago. A Reuters poll of brokerages had estimated profits at 1.95 billion rupees. 'Profitability grew on the back of good growth in the net interest income and fee-based income front,' Yogesh Agarwal, chairman and managing director, told reporters at a press conference.
The bank's net interest income rose to 4.72 billion rupees, up from 1.29 billion rupees a year ago, while fee-based income rose 99 percent to 3.90 billion rupees. Its net interest margin rose to 1.07 percent, up from 0.41 percent a year ago with cost of deposits coming down as high cost deposits were getting retired, Agarwal said. 'Core income helped profits grow for the bank,' said an analyst in a Mumbai-based brokerage, on condition of anonymity. The bank, with a capital adequacy ratio of 11.9 percent, is waiting for government approval to raise funds for growth.
'Government owns around 52 percent in the bank and it will have to take a call on modes of capital-raising to be made available to the bank,' he said. 'We hope to tap the (capital) market by January 2010, subject to government deciding on mode of capital raising to be adopted by the bank,' he said. Its capital adequacy at tier I level was at 6.83 percent, while that in the tier II segment was at 5.07 percent. The bank will also raise $225 million via syndicated loans to meet its growth targets, R.K. Bansal, chief financial officer, said adding the bank is targeting a loan growth of 20 percent in the current fiscal. 'We will be signing for this foreign currency loan tomorrow,' he said. The loan will be for a one-year tenure with an all-inclusive cost of 6.2 percent.
The bank which would open its first foreign branch in Dubai has an enabling resolution to raise up to $1.5 billion via medium term
notes in foreign currency, Bansal said adding it can be raised only after the lender has a foreign presence as per Reserve Bank of India
guidelines.
The cash strapped Industrial Development Bank of India (IDBI), has got a line of credit of $100 million from the Asian Development Bank (ADB). The institution has also reached the final stages of an arrangement with KfW of Germany for co-financing of infrastructure projects along with the line of credit (LoC)from ADB. This comes as a great help to the FI at a time when it is starved of funds. The funds will be lent against private infrastructure projects in fou
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