IDBI Bank's quarter ended December 31, 2009, net profit up by 29% to Rs.287 Crore
Mumbai, January 15, 2010:
The Board of Directors of IDBI Bank Ltd. (IDBI)
met in Mumbai today to consider the financial results for the quarter ended
December 31, 2009.
Profitability:
IDBI reported a net profit of Rs.287 crore for the quarter ended December 31,
2009 as against Rs.223 crore in the corresponding quarter. This amounts to an
increase in net profit by 29% for the quarter compared to corresponding period
last year.
Net Interest Income (NII) for the quarter ended December 31, 2009 stood at
Rs.719 crore as against Rs.503 crore in the corresponding quarter of the
previous year, recording a growth of 43%.
Fee based income during the quarter has shown considerable improvement to
Rs.350 Crore as against Rs.237 Crore in the previous quarter, recording a
growth of 48%.
Business:
As of December 31, 2009, IDBI’s total business (deposits and advances) stood
at Rs.2,54,060 crore as against Rs.1,72,995 crore as of December 31, 2008,
registering a growth of 47%.
Deposits increased by 77% to Rs.1,42,798 crore at end-December 2009 from
Rs.80,803 crore at end-December 2008.
Advances increased by 21% to Rs.1,11,262 crore, as compared to Rs.92,192
crore as at end-December 2008.
As of December 31, 2009, aggregate assets stood at Rs.2,03,311 crore as
against Rs.1,45,623 crore as on December 31, 2008, registering a growth of
40%.
CAR:
The Bank's CAR stood at 11.54% (Tier-I: 6.60%) as of December 31, 2009.
Significant developments
1) IDBI Bank received SEBI approval for launching its Mutual Fund subsidiary.
The wholly owned subsidiary, IDBI Asset Management Ltd. is being
scheduled for starting operations in February, 2010.
2) IDBI Bank's first foray abroad is through its Dubai branch, which is now
ready for operations, with all approvals and infrastructure in place. It is
awaiting formal inauguration in the current month, at the hands of the
Honourable Union Finance Minister, Shri Pranab Mukherjee.
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(This is a press release from IDBI Bank)
