IDBI Bank's first quarter 2010 net up 7.56% to Rs.172 Crore
Mumbai, July 15, 2009: The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the audited financial results for the quarter ended June 30, 2009.
Highlights of Q1 FY 10 financial results vis-à-vis Q1 FY 09 (June 30, 2008)
• Net profit up 7.56 % to Rs.172 Crore (from Rs.160 Crore)
• Fee based income grew by 65% to Rs.252 Crore (from Rs.152 Crore)
• NII grew by 249% to Rs.316 Crore (from Rs.91 Crore)
• Business up 42% to Rs.2,13,509 Crore (from Rs.1,50,832 Crore)
• Deposits increased by 59% to Rs.1,15,554 Crore (from Rs.72,717 Crore)
• Advances up by 25% to Rs.97,955 Crore (from Rs.78,115 Crore)
• Total assets grew by 34% to Rs.1,74,608 Crore (from Rs.1,30,410 Crore)
Profitability:
IDBI reported a net profit of Rs.172 crore for the quarter ended June 30, 2009 as against Rs.160 crore in the corresponding quarter. This amounts to an increase in net profit by 7.56% for the quarter compared to corresponding period last year.
Net Interest Income (NII) for the quarter ended June 30, 2009 stood at Rs.316 crore as against Rs.91 crore in the corresponding quarter of the previous year, recording a growth of 249%.
Fee based income during the quarter has shown considerable improvement to Rs.252 Crore as against Rs.152 Crore in the previous quarter, recording a growth of 65%.
Business:
As of June 30, 2009, IDBI’s total business (deposits and advances) stood at Rs.213509 crore as against Rs.150832 crore as of June 30, 2008, registering a growth of 42%.
Deposits increased to Rs.115554 Crore at end-June 2009 from Rs.72717 crore at end-June 2008, with a robust growth of 59%.
Advances also increased by 25% to Rs.97955 crore, as compared to Rs.78115 crore as at end-June 2008.
As of June 30, 2009, aggregate assets stood at Rs.174608 crore as against Rs.130410 crore as on June 30, 2008, registering a growth of 34%.
CAR:
IDBI continued to maintain a sound capital base as indicated by its Capital Adequacy Ratio (CAR). As against the stipulated RBI norm of 9%, the Bank's CAR stood at 12.30% (Tier-I: 7.11%) as of June 30, 2009.
Significant developments during April - June 2009
• During the last three months IDBI Bank has revised the Benchmark Prime Lending Rate (BPLR) twice, first reducing it by 50 bps to 13.0% in April 2009 and then by 25 bps to 12.75% with effect from July 1, 2009 in tune with the prevailing interest rate environment.
• During the period beginning April 2009 till date, the bank has opened 61 new branches (including a specialized corporate branch) and 78 ATMs. As on date, the bank has 570 branches and 978 ATMs, spread across 354 centers.
(This is a press release from IDBI Bank)
