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
Interest income
Non-Interest Income
Total Expenses
Interest expenses
Operating expenses
Operating Profit
Provisions (net)
Net Profit

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.

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%.

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.

3i Infotech retains Best Takaful Technology Company award

3i Infotech has been awarded ‘Best Takaful Technology Company’ for the fourth consecutive year, at the Takaful Leadership Awards 2011, in London

Mumbai, 26 July, 2011 – Global financial technology solutions and services provider, 3i Infotech has been awarded “Best Takaful Technology Company” at the 5th International Takaful Summit 2011 in London. These annual awards honor companies and practitioners that have contributed the most to the growing Takaful market.

Winning the award in the lead-up to Ramadan, the most important month in the Islamic calendar, the noteworthy achievement recognises 3i Infotech’s extensive work with Takaful companies located in Asia particularly South-East Asia and the Middle East, and Africa.
Presented by Lord Mohammed Sheikh, Chairman of Camberford Law Plc, and timed to coincide with the 5th International Takaful Summit 2011, the conference included a number of high profile speakers from around the world who discussed some of the most important issues facing the growing Takaful market.

Ashish Dass, Senior Vice President & Regional Head - MENA Region, 3i Infotech Ltd said, “The demand for Takaful financial products and services has grown rapidly over the course of the past few years, as individuals and businesses recognise the benefits that the market can deliver. We are pleased to be able to offer a solution that meets the needs of this rapidly increasing insurance market.
“We are continuously investing in technology and best practices in our product - PREMIA, in line with the innovations the takaful industry demands. We will further strive to ensure that we are together in line with all takaful innovations from a technology perspective. This award once again underlines the confidence that our clients continue to have with this innovative approach.”

Chandrashekar M.S., President and Global Head – Software Products added, “The Islamic Finance industry is predicted to become a growth engine for the finance sector globally. As a leading supplier to this sector, we have knowledge and experience fully embedded in our software solutions, hence we are well-positioned to support the global expansion of Takaful.”

3i Infotech offers its end-to-end Insurance Software Solutions Suite, PREMIA, for the Takaful Insurance Sector. The PREMIA suite comprises PREMIA General Insurance, PREMIA Health, PREMIA Life, PREMIA Property & Casualty and PREMIA Collaborator. With approximately 150 Takaful companies worldwide, 3i Infotech is leading the way in Takaful insurance solutions, cornering a 25% market share of systems from this sector.
Lord Mohammed Sheikh presenting the Best Takaful Technology Company Award to Ashish Dass, Sr. Vice President & Regional Head - MENA Region, 3i Infotech Ltd.

Sony Launches VAIO E Series in Middle East

Notebooks Feature Colour Variation and Exquisite Truss Pattern
Texture Bringing Exceptional Design for Everyday Use

Dubai-UAE: 31 July, 2011 – Sony, the leading consumer electronics brand, today announced
the Middle East launch of the new VAIO E Series, a range of notebooks that blend exceptional
design with optimal performance for everyday use.

The all-new VAIO E Series is equipped with second generation Intel® Core™ i5 Processor and
AMD Dual-Core Processor. The enhanced processing ability of the Intel Core processor and
power efficiency of the AMD Dual-Core processor enable sharp and clear videos, realistic and
responsive games, and allow the notebooks to run longer between battery charges.

Sony also takes cutting-edge styling to new extremes through the VAIO E Series. The surface
of the notebooks features a truss pattern where several small triangles construct one large
hexagon. The texture covers the exterior as well as the palm rest. Ergonomically designed for
ease of use, fingerprints and smudges are less noticeable due to the three-dimensional pattern.
The screen size of the VAIO E Series ranges from 14-inch to 15.5-inch.

The VAIO E series features the graphics provided by NVIDIA® GeForce® 410M GPU, AMD
Radeon™ HD 6310 Graphics or Intel® HD Graphics 3000.

Delivering a richer communication experience, the VAIO E Series is preinstalled with several
applications and utilities, many of which are launched through a one touch button including
the ‘WEB’ button for quick web access and the ‘VAIO’ button that launches the media gallery.
The dedicated ‘ASSIST’ button gives one-touch access to VAIO Care, which simplifies basic
maintenance and troubleshooting tasks. In addition, VAIO E Series is equipped with the PMB
VAIO Edition software that helps organize, create and share photos and videos.

Isolation keyboard and the handy numeric keypad is another user-friendly feature that allows
comfortable typing. Moreover, the touch pad with multi-gesture control supports Flick, Tap and
Scroll to facilitate easy navigation around web pages and application screens. This function can
be easily enabled or disabled by Fn + F1 key.

Designed for users with a taste for superior quality, the VAIO E Series is available in four
different colors. The 14-inch and 15.5-inch models are available in black, white, and pink.
Glossy finished white and pink surfaces give a shiny and airy feel, while matte black offers a
more sophisticated and stately tone.

Available across Jumbo Showrooms and other leading electronics stores in the UAE, the new VAIO E Series is currently available at a retail price starting at AED2,495.

About make.believe

“make.believe” (make dot believe) is a Group-wide brand message that unites Sony’s communications initiatives across electronics,
games, movies, music, mobile phones and network services. “make.believe” symbolizes the spirit of Sony – the power of creativity,
the ability to turn ideas into reality and the belief that anything you can imagine, you can make real.

About Sony Gulf

Sony Gulf FZE is a 100% subsidiary of Sony Corporation and is the regional headquarters for the Middle East and Africa regions.
The company is engaged in the business of Sony Consumer Electronics, VAIO laptop computers, Computer Peripherals, Data
media, Recording Media and Energy (Batteries), Mobile Electronics (Car Audio) and Computer Entertainment (PlayStation) products
in more than 40 countries in the region.

Apart from stock operations in the Jebel Ali Free Zone Establishment in Dubai, Sony Gulf FZE leads execution of various logistics,
sales, marketing, advertising and customer services activities through its business partners and representative offices. A network of
representative offices in Kenya, Saudi Arabia, Iran and Pakistan, in addition to well over 250 accredited third party service centres
reinforces Sony’s presence in key markets in the region.

For further information, please visit

Damas announces net profit of AED 53 million

Jewellery retailer becomes the turnaround story of the year

Dubai, UAE (July 31, 2011): Damas International Limited (Damas), the Middle East’s

leading jewellery retailer, has today (Sunday, July 31, 2011) announced a net profit of

AED 53.3 million for the financial year ended 31 March 2011. Damas had reported a loss

of AED 2 billion in the previous financial year.

“Combined efforts have enabled Damas to achieve these robust results and strengthen its

stature as the regional jewellery trendsetter and market leader,” said Ibrahim Belselah,

Chairman of Damas. “The highlight of our performance was the achievement of

successful financial restructuring, for which I would like to thank the banks and financial

institutions for their support.”

Anan Fakhreddin, Chief Executive Officer (CEO) of Damas, added: “The management

focus of the past financial year has been on stabilizing the business, and a lot of

progressive reforms were implemented to this effect. These initiatives have enabled

the company to consolidate its market share and achieve AED 2.95 billion in sales this

period. ”

“The resilience of the underlying business model enabled Damas to bounce back and

register strong performance within a year of having reported losses owing to impairment

provisions. Our performance in the past financial year reflects a high benchmark that we

have again set ourselves moving forward. We are proud of our achievement and success,”

Fakhreddin concluded.

About Damas:

The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and
jewellery network spanning the Middle East and South Asia. Damas houses internationally acclaimed
jewellery and watch brands such as Tiffany & Co., Mikimoto, Carrera y Carrera, Paspaley, Pasquale Bruni,
Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, among
many others. Damas International Limited is listed on Nasdaq Dubai (former Dubai International Financial
Exchange) and its shares are traded under the ticker ‘DAMAS’.

DM upgrades Hamriyah and Al Rashidiya central markets

As part of Dubai Municipality’s vision to provide comfort of living and essence of success to the
citizens and residents of the Emirate of Dubai, it has conducted field studies and accordingly
decided to develop the central markets in Hamriyah and Al Rashidiya. The improvement would be
in line with the environmental, economic and administrative requirements to keep pace with urban
development witnessed by the emirate.

The civic body commenced the development of Hamriyah market by air-conditioning public
corridors and improving all the current finishing works. It also includes necessary maintenance
works for the public services of current market with front expansion. Total construction area after
the development is 289,000 feet, and the completion is expected in November 2011.

Development of Rashidiya Central market located in the center of a residential area includes a
commercial center with the addition of four stores for quick services and car parking expansion and
surrounding area enhancement. The project is expected to be completed in October 2011.

APC by Schneider Electric Integrates Rack Access Control into NetBotz® Security & Environmental Monitoring Products

Dubai-UAE: 31 July, 2011 — APC by Schneider Electric, a global leader in critical power and
cooling services, today announced the next generation of its market leading NetBotz Security
and Environmental Monitoring products, which integrates rack access control into the existing
architecture. NetBotz is the only solution that combines environmental monitoring, video
surveillance, and rack access in a single platform, providing complete protection of IT assets
from a network closet to the data center environment.

Answering customers' needs for scalability and interoperability, the next generation of NetBotz
products delivers the following major enhancements:

Mass configuration of up to 130 rack doors within a single user interface, eliminating the
need to configure each door separately. Administrators can easily configure access for
individual employees, schedule access to equipment for maintenance purposes, and view
an audit trail.

Compatibility with multiple rack solutions offers customers the ability to integrate remote and
local access within Chatsworth GlobalFrameTM enclosures, as well as APC NetShelter® SX

One IP address for up to 26 doors and 200 credentials significantly reduces the total cost of
ownership while increasing the maximum number of unique users.

“Basement” mounting eliminates the need to occupy valuable rack space by utilizing an
area below the bottom U in an APC NetShelter SX rack. U-space or zero-space mounting
methods are also options for mounting the NetBotz hardware.

Available today globally, the new NetBotz offer expands the scope of security by integrating
rack access control throughout the IT environment, from network closets to data centers. A new
Post Configuration Insight service also is available, which provides a structured hand-over from
the network integration engineer to the customer. APC’s existing, low-cost, standalone NetBotz
Access Control appliance is additionally available as an ideal entry-level solution for price-
minded applications.

For more information about APC and other money-saving home and office solutions, please
contact + 971 4 7099 690/691, or visit


Gaydon, Warwickshire July 31, 2011: Aston Martin enters two new Cygnets into the fifth annual
Bridgestone Eco-Rally this weekend. In the marque’s debut appearance at the event, the
Cygnets will cement their place as the ultimate city cars, a tailor-fit solution for urban driving.

The Bridgestone Eco-Rally will allow spectators and enthusiasts a chance to see the Cygnets as
they pass from the heart of Oxford to central London. The rally showcases the world’s best eco-
friendly vehicles in association with ‘Start’, an initiative inspired by HRH The Prince of Wales to
celebrate eco-friendly living.

Hand-crafted for the city with the highest quality materials and attention to detail, Cygnet is
bespoke, exclusive, and offers a degree of choice not previously available in a small package,
coupled with carbon emissions of just 116 g/km and fuel economy of 56.5 mpg.

One of the Cygnets entering the event will be dressed in Seychelles Blue, the paint colour of the
Aston Martin DB6 Mark II Volante recently driven by the Duke and Duchess of Cambridge on
their wedding day. Aside from the two formal entries, a third Cygnet will also be supporting the
event in eye-catching ‘Flouro Orange’, the hallmark of London-based designer Tom Dixon.

Driven by Aston Martin Racing regular, Darren Turner and David King, Aston Martin’s Director
of Special Projects and Motorsport, the two Cygnets will be on the extended route from Exeter
College, Oxford to The Mall, London.

Darren Turner is looking forward to the prospect of driving the Cygnet at the weekend: “I have
been a fan of Cygnet from the start. It’s a great city car, easy to manoeuvreand park and a lot of
fun to drive.”

David King said: “To drive Cygnet in a busy city is to experience a car ideally suited to its
environment. Cygnet is tiny, with impressively low emissions but with all the style and
craftsmanship of the finest luxury cars.”

“I’m looking forward to demonstrating Cygnet on the Bridgestone Eco-Rally, maybe it’s my one
and only chance to beat Darren Turner!”

The rally begins on Broad Street, Oxford at 10:00 and concludes at 14:30 on the 31st July.

Friday, July 29, 2011

IDBI Bank revises Base Rate, BPLR and Interest Rates on Deposits

Mumbai, July 29, 2011:  The ALCO of IDBI Bank reviewed the interest rates on retail term deposits and keeping in view the measures announced by RBI, inflation and liquidity scenario, the Bank has decided to increase the retail term deposit rates by 25-150 basis points (bps) in different maturity buckets. The revised interest rates are effective from August 1, 2011.

Upto Rs.15 lakh
Above Rs.15 lakh upto Rs.1 cr

Revised w.e.f August 1, 2011
Revised w.e.f  August 1, 2011
15-45 days
46-90 days
 91 days  < 6 months
6 months- 269 days
270 days- 1 year
1 year 1 day-499 days
500 days
>500 days -5 years 
> 5 yrs-7 yrs
>7 yrs – 10 yrs
Tax Savings Suvidha (5 years lock in )
         Additional Interest rate for Senior citizens is 50 - 75 bps above the normal interest.
    In response to increase in cost of funds/deposits and keeping in view the market conditions, IDBI Bank also reviewed its Base Rate and BPLR and decided to increase both Base Rate and BPLR by 75 bps each to 10.75 % and 15.25 % respectively. The revised Base Rate and BPLR will be effective from August 1, 2011.