The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai to consider the unaudited financial results for the quarter ended June 30, 2011, which are as under:
Profitability:
IDBI reported a net profit of Rs. 3.35bn for the quarter ended June 30, 2011 as against Rs.2.51bn in the corresponding quarter. This amounts to an increase in net profit by 34% for the quarter compared to corresponding period last year.
Net Interest Income (NII) for the quarter ended June 30, 2011 stood at Rs. 11.52bn as against Rs. 8.44bn in the corresponding quarter of the previous year, recording a growth of 36%.
In compliance with recent RBI guidelines on enhanced rates of provisioning for Non-Performing Assets and Standard Restructured Advances, the Bank has made an additional provision of Rs. 279.60 crore during the quarter.
Business:
As of June 30, 2011, IDBI’s total business (deposits and advances) stood at Rs.3312.66bn as against Rs. 292533 crore as of June 30, 2010, registering a growth of 13%.
Deposits increased to Rs. 176282 Crore at end-June 2011 from Rs. 1572.04bn at end-June 30, 2010 with a robust growth of 12%.
Advances also increased by 15% to Rs. 1549.84bn, as compared to Rs. 1353.29bn as at end- June 30,2010.
As of June 30, 2011, aggregate assets stood at Rs. 249571 crore as against Rs. 224658 crore as on June 30, 2010 registering a growth of 11%.
CAR:
The Bank's CAR stood at 13.83% (Tier-I 8.11%) as of June 30, 2011.
Significant developments during FY 2011-12 (April – Till date)
International certification ISO 9001:2008 was awarded to IDBI Bank for all its Centralised Clearing Units across the country. The Bank has also implemented Lean Six Sigma Project for its Centralised Operations, to provide error-free and timely services to its customers.
IDBI Bank, along with the technology partner Oracle won the Asian Banker Technology Implementation Award 2011 for Best Data and Analytics Project for implementing an analytics solution that measures and analyses interest rate and liquidity risks, integrates its performance management framework and conducts faster and robust scenario analyses.
The Dalal Street Investment Journal (DSIJ) PSU Award was received by IDBI Bank. The Bank was adjudged the Best Bank of the Year for its consistent performance. This award is given for the recognition of excellence in performance and contribution to the Indian economy by the Public Sector Undertakings.
A Memorandum of Understanding (MoU) was signed between IDBI Bank Limited and the Indian Army for offering a wide range of banking services & products and a customized defence salary account, exclusively designed for the army personnel. Under this MoU, IDBI Bank will install ATMs and also open branches at select locations approved by the Indian Army for benefit of its personnel. IDBI Bank has designated dedicated officers to service the banking needs of defence personnel at such branches.
US Dollar correspondent Wells Fargo Bank N.A. has rated IDBI Bank as the Best Bank in STP (Straight-through processing) payments in the South Asia region. IDBI Bank originated more than 1 lakh payment messages in FY 11. The Bank handled payment messages worth more than USD 15bn in FY 2010-11. The Bank has recently launched multi-currency payment product.
IDBI Bank launched a 24×7 Premier Locker Facility at its Cuffe Parade, Colaba Branch at Mumbai. IDBI Bank is the First Bank to have a 24×7 locker facility with a feature of biometric access. The Bank would also offer such service in metros and other centers in due course of time.
DBI Bank commenced “Vikas Yatra” from Mumbai to Jangipur, via. Nagpur and Raipur to promote developmental activities in the country. On culmination of the event Shri Pranab Mukherjee, Hon'ble Union Finance Minister, inaugurated IDBI Bank in Jangipur, West Bengal and dedicated a bus for mobile Banking Facility for the socio-economic development of the area.
IDBI Bank Ltd is one of the Registrars for enrolment of residents under Aadhaar project of UIDAI. In this regards, the Bank launched pilot project for UIDAI Aadhaar enrolment.
IDBI Bank has been implementing the India Chiller Energy Efficiency Project (ICEEP) in association with World Bank and Ministry of Environment and Forests (MoEF), GoI. In a recent initiative the Bank released grant incentives of USD 75,600 (i.e. Rs. 34,02,000) to Essar Steel Limited, being the first beneficiary under ICEEP on successful completion of its sub-project for replacement of three CFC centrifugal chillers (300TR each) with three energy efficient non-CFC chillers (350TR each) at its integrated steel plant at Hazira, Gujarat, under Global Environment Facility.
Profitability:
IDBI reported a net profit of Rs. 3.35bn for the quarter ended June 30, 2011 as against Rs.2.51bn in the corresponding quarter. This amounts to an increase in net profit by 34% for the quarter compared to corresponding period last year.
Net Interest Income (NII) for the quarter ended June 30, 2011 stood at Rs. 11.52bn as against Rs. 8.44bn in the corresponding quarter of the previous year, recording a growth of 36%.
In compliance with recent RBI guidelines on enhanced rates of provisioning for Non-Performing Assets and Standard Restructured Advances, the Bank has made an additional provision of Rs. 279.60 crore during the quarter.
Business:
As of June 30, 2011, IDBI’s total business (deposits and advances) stood at Rs.3312.66bn as against Rs. 292533 crore as of June 30, 2010, registering a growth of 13%.
Deposits increased to Rs. 176282 Crore at end-June 2011 from Rs. 1572.04bn at end-June 30, 2010 with a robust growth of 12%.
Advances also increased by 15% to Rs. 1549.84bn, as compared to Rs. 1353.29bn as at end- June 30,2010.
As of June 30, 2011, aggregate assets stood at Rs. 249571 crore as against Rs. 224658 crore as on June 30, 2010 registering a growth of 11%.
CAR:
The Bank's CAR stood at 13.83% (Tier-I 8.11%) as of June 30, 2011.
Significant developments during FY 2011-12 (April – Till date)
International certification ISO 9001:2008 was awarded to IDBI Bank for all its Centralised Clearing Units across the country. The Bank has also implemented Lean Six Sigma Project for its Centralised Operations, to provide error-free and timely services to its customers.
The Dalal Street Investment Journal (DSIJ) PSU Award was received by IDBI Bank. The Bank was adjudged the Best Bank of the Year for its consistent performance. This award is given for the recognition of excellence in performance and contribution to the Indian economy by the Public Sector Undertakings.
A Memorandum of Understanding (MoU) was signed between IDBI Bank Limited and the Indian Army for offering a wide range of banking services & products and a customized defence salary account, exclusively designed for the army personnel. Under this MoU, IDBI Bank will install ATMs and also open branches at select locations approved by the Indian Army for benefit of its personnel. IDBI Bank has designated dedicated officers to service the banking needs of defence personnel at such branches.
US Dollar correspondent Wells Fargo Bank N.A. has rated IDBI Bank as the Best Bank in STP (Straight-through processing) payments in the South Asia region. IDBI Bank originated more than 1 lakh payment messages in FY 11. The Bank handled payment messages worth more than USD 15bn in FY 2010-11. The Bank has recently launched multi-currency payment product.
IDBI Bank launched a 24×7 Premier Locker Facility at its Cuffe Parade, Colaba Branch at Mumbai. IDBI Bank is the First Bank to have a 24×7 locker facility with a feature of biometric access. The Bank would also offer such service in metros and other centers in due course of time.
DBI Bank commenced “Vikas Yatra” from Mumbai to Jangipur, via. Nagpur and Raipur to promote developmental activities in the country. On culmination of the event Shri Pranab Mukherjee, Hon'ble Union Finance Minister, inaugurated IDBI Bank in Jangipur, West Bengal and dedicated a bus for mobile Banking Facility for the socio-economic development of the area.
IDBI Bank Ltd is one of the Registrars for enrolment of residents under Aadhaar project of UIDAI. In this regards, the Bank launched pilot project for UIDAI Aadhaar enrolment.
IDBI Bank has been implementing the India Chiller Energy Efficiency Project (ICEEP) in association with World Bank and Ministry of Environment and Forests (MoEF), GoI. In a recent initiative the Bank released grant incentives of USD 75,600 (i.e. Rs. 34,02,000) to Essar Steel Limited, being the first beneficiary under ICEEP on successful completion of its sub-project for replacement of three CFC centrifugal chillers (300TR each) with three energy efficient non-CFC chillers (350TR each) at its integrated steel plant at Hazira, Gujarat, under Global Environment Facility.
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