IDBI Bank Ltd has posted a 100.6 per cent increase in net profit to Rs 22.4 crore (Rs 224 million) for the first quarter ended June 30, 2003, compared to Rs 11.1 crore (Rs 111 million) in the corresponding quarter last fiscal.

Total income for the quarter increased by 43.7 per cent to Rs 109.4 crore (Rs 1,094 million) as against Rs 76.1 crore (761 million) for the same quarter last year, an IDBI Bank release said in Mumbai on Monday.

The net interest income grew by 49 per cent at Rs 66.6 crore (Rs 666 million) when compared with Rs 44.7 crore (Rs 447 million), it said.

The bank's board has approved a proposal to raise an additional capital of about Rs 155 crore (Rs 1,550 million) by way of rights issue to the existing shareholders in the ratio of 1:2 (one equity share for every two held).

IDBI Bank was in the process of filing the offer document with the Securities and Exchange Board of India and expects to launch the issue before September 30, 2003.

The net non-performing assets of the bank have reduced from 1.8 per cent to 0.36 per cent.

In the first quarter of the current fiscal, the customer assets increased by about Rs 900 crore (Rs 9,000 million) to Rs 5,931 crore (Rs 59,310 million).

The retail assets business crossed the Rs 2,000 crore (Rs 20,000 million) mark, with about 85 per cent comprising home loans.

Total deposits of the bank rose by 13.1 per cent at Rs 6,236 crore (Rs 62,360 million), while the total customer base stood at 840,000 (634,000), the release added.