Jan. 24: The Industrial Development Bank of India Ltd (IDBI) has posted a net profit of Rs 119.30 crore for the quarter ended December 31 compared with Rs 62.13 crore for the year-ago period.

Its total income in this quarter stood at Rs 1,548.16 crore. However, the results of this quarter are not comparable with the corresponding quarter last year as the requisite RBI approval for the merger was received only on April 2, 2005, said a statement.

In the nine months ended December 31, the merged entity, IDBI Ltd, has earned a net profit of Rs 360 crore. IDBI’s deposits increased around 60 per cent to Rs 21,884 crore at the end of December 2005 against Rs 15,103 crore in March 31.

The low-cost current account and savings deposits accounted for 31 per cent of the total deposits on December 31. IDBI’s capital adequacy ratio stood at 15.9 per cent.

According to a statement released by the bank, it is likely to finalise details pertaining to its life insurance foray before the end of the financial year. The bank also plans to inaugurate a large corporate branch in Mumbai soon. “The bank plans to incorporate an AMC to foray into the mutual fund business in association with its wholly-owned subsidiary, IDBI Capital Market Services Ltd (ICMS),” it said in a statement.

Corp Bank

Corporation Bank has reported a net profit of Rs 344.19 crore for a nine-month period ended December 31 compared with Rs 294.59 crore in the corresponding period last year.

The bank has already declared and paid an interim dividend of 35 per cent during the current fiscal.

Union Bank

Union Bank of India has reported a four-fold rise in its net profit at Rs 229.08 crore in the quarter ended December 31 compared with Rs 59.07 crore in the year-ago period.

The total income increased 11.64 per cent to Rs 1,652.50 crore from Rs 1,480.18 crore.