Business Daily from THE HINDU group of publications
Thursday, Jul 26, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jul 26, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Financial Institutions IDFC net profit up 38% in first quarter
Our Bureau Mumbai, July 25 Infrastructure Development Finance Company has registered a 38 per cent increase in its first quarter net profit, at Rs 167.8 crore, against Rs 121.2 crore in the same year-ago period. The profit increase came from higher net interest income from both infrastructure loans and treasury operations, as well as higher fee income and gains from sale of equity investments. On a consolidated basis, the company’s net profit was up 38 per cent, at Rs 181 crore (Rs 131 crore). Net interest Income (NII) rose 35 per cent to Rs 133 crore (Rs 99 crore). NII from infrastructure loans rose 11 per cent to Rs 104 crore while NII from treasury operations rose five-fold, to Rs. 30 crore. Fee income
Fee income rose by 240 per cent, to Rs 87 crore, and profit from sale of investments and dividend more than doubled, to Rs 78 crore. Gross approvals in the quarter amounted to Rs 4,157 crore for 40 projects, 57 per cent higher from a year ago. Gross disbursals were 83 per cent higher, at Rs 2,444 crore. As on June 30, 2007, IDFC’s exposure was Rs 24,588 crore. There were no net NPAs as on June 30, 2007, said a statement from the company. IDFC’s stock rose by 2.85 per cent on Wednesday, to close at Rs 131.85 on BSE. MoU with IIFCL
IDFC and India Infrastructure Finance Company Ltd (IIFCL) have entered into an MoU to create “a pipeline of commercially viable infrastructure projects and evolve fast track approval processes for co-financing.” IDFC would appraise projects and undertake necessary activities to facilitate financial closure for projects, said a statement from the company. Mr S.S. Kohli, Chairman and Managing Director, IIFCL, said: “IDFC has the relationships to originate projects, strong credit appraisal and technical skills and syndication expertise in debt and equity for achieving successful financial closure for infrastructure projects. IIFCL, through its long-term funding sources, can extend long tenor loans at competitive rates to match the cash flows and pay-back periods of infrastructure projects. The collaborative arrangement between IIFCL & IDFC would give a strong push for funding infrastructure projects in the country.” Investment
Dr Rajiv Lall, Managing Director and CEO, IDFC said, “The joint effort of IDFC and IIFCL seeks to address the huge infrastructure financing needs of the country. India needs to invest over $475 billion over the next 5 years and a collaborative approach is essential to develop the right structures to expedite financial closure of infrastructure projects.”
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