Sunday, July 31, 2011

IDBI Bank's Q1 2012 net up 34% to Rs. 335 Crore

Highlights of Q1 FY 12 financial results vis-à-vis Q1 FY 11 (June 30, 2010)

·  Net profit up 34 % to Rs. 335 Crore (from Rs. 251 Crore)
·  NII grew by 36% to Rs. 1152 Crore (from Rs. 844 Crore)
·  NIM at 2.07% (from 1.61% )
·  Business up 13% to Rs. 3,31,266 Crore (from Rs. 2,92,533 Crore)
·  Deposits increased by 12% to Rs. 1,76,282 Crore (from Rs. 1,57,204 Crore)
·  Advances up by 15% to Rs. 1,54,984 Crore (from Rs. 1,35,329 Crore)
·  Total assets grew by 11% to Rs. 2,49,571 Crore (from Rs. 2,24,658 Crore)

Mumbai, July 30, 2011: The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the unaudited financial results for the quarter ended June 30, 2011, which are as under:

Working results:
                                         
(Rs.  Crore)

Q1 2011-12
Q1 2010-11
FY 2010-11
Total Income
6060
4755
20684
Interest income
5629
4282
18541
Non-Interest Income
431
473
2143
Total Expenses
5029
3924
16527
Interest expenses
4476
3438
14272
Operating expenses
553
486
2255
Operating Profit
1031
831
4157
Provisions (net)
696
580
2507
Net Profit
335
251
1650




Profitability:
IDBI reported a net profit of Rs. 335 crore for the quarter ended June 30, 2011 as against Rs. 251 crore 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. 1152 crore as against Rs. 844 crore 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. 331266 crore 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. 157204 crore at end-June 30, 2010 with a robust growth of 12%.

Advances also increased by 15% to Rs. 154984 crore, as compared to Rs. 135329 crore 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.

·        IDBI 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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