OREANDA-NEWS. August 8, 2012. The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai to consider the unaudited financial results for the quarter ended June 30, 2012, which are as under:

Working results:

(Rs. in Crore)

 

Q1 2012-13

Q1 2011-12

FY 2011-12

Total Income

6787

6060

25489

Interest income

6270

5629

23370

Non-Interest Income

517

431

2119

Total Expenses

5658

5029

21433

Interest expenses

4999

4476

18825

Operating expenses

659

553

2607

Operating Profit

1129

1031

4056

Provisions (net)

702

696

2025

Net Profit

427

335

2032

Profitability: IDBI reported a net profit of Rs. 427 crore for the quarter ended June

30, 2012 as against Rs. 335 crore in the corresponding quarter. This amounts to an increase in net profit by 28% for the quarter compared to corresponding quarter of the previous year.

Net Interest Income (NII) for the quarter ended June 30, 2012 stood at Rs. 1,271 crore as against Rs. 1,152 crore in the corresponding quarter of the previous year, recording a growth of 10%.

Business: As of June 30, 2012, IDBI’s total business (deposits and advances) stood at Rs. 3,59,527 crore as against Rs. 3,31,378 crore as of June 30, 2011, registering a growth of 8.5%.

Deposits increased to Rs. 1,91,747 Crore at end-June 2012 from Rs. 1,76,282 crore at end-June 30, 2011 with a growth of 9%.

Aggregate assets as of June 30, 2012, stood at Rs. 2,71,899 crore as against Rs. 2,49,683 crore as at end- June 30, 2011, registering a growth of 9%.

Fee based income for the quarter ended June 30, 2012 increased to Rs. 417 Crore as against Rs. 338 Crore for the quarter ended June 30, 2011.

CAR:

The Bank's CAR stood at 14.36% (Tier I - 8.24%) as of June 30, 2012 as against 13.83% (Tier I - 8.11%) as of June 30, 2011.

Sianificant Developments during FY 2012-13 (April - Till date)

•           IDBI Bank was adjudged winner under Development Finance-Led Poverty Reduction category for its "Rural Transformation Fellowship Program (RTFP)” in the ADFIAP (Association of Development Financing Institutions in Asia & the Pacific) Awards 2012 in Istanbul, Turkey. The Bank also received the "Best Website” Award at the ceremony.

•           IDBI Bank along with the country’s 9 largest PSU lenders has formed a consortium for jointly financing infrastructure projects with project cost of Rs.1000 crore and above. The consortium aims to speed up the sanction process, bring uniformity in the approach and terms of lending and thereby facilitate early financial closure of the infrastructure projects.

•           IDBI Bank entered into a Memorandum of Understanding ("MOU”) with the Government of Karnataka (GoK) at the Global Investors Meet (GIM) held at Bangalore. Under this MOU, GoK will furnish to IDBI Bank, the list of MoUs entered with the investors and the Bank will deploy additional funds as required for the proposed investments, subject to due diligence.

•           IDBI Bank launched India’s first web-based market making portal and dedicated the same exclusively to the Retail Investors of the country. The Portal is available to general public from May 15, 2012.

•           IDBI Bank Becomes the First Primary Dealer in the Country to Facilitate Transaction on the Recently Launched Web-based Negotiated Dealing System [NDS] Auction of Gilts, conducted by RBI from time to time.

•           IDBI Bank unveiled a state-of-art Currency Chest (one of the largest in the country) at Bandra-Kurla Complex, Mumbai.

•           IDBI Bank extended relief in the form of financial assistance to four drought affected villages allotted to the Bank under financial inclusion, in the districts of Satara, Sangli and Solapur in Maharashtra.