OREANDA-NEWS. February 1, 2012. IDBI Bank's Q3 Results

Highlights of financial results for period ended December 31, 2011

•           Interim Dividend of Rs.2/- per share declared for the financial year 2011-12

•           Deposits increased by 18% to Rs. 1,77,123 Crore as at end December 2011 from Rs. 1,50,239 Crore as at end December 2010

•           Advances up by 16% to Rs. 1,56,217 Crore as at end December 2011 from Rs. 1,34,491 Crore as at end December 2010

•           Business up 17% to Rs. 3,33,340 Crore as at end December 2011 from Rs. 2,84,729 Crore as at end December 2010

•           Total assets grew by 16% to Rs. 2,55,888 Crore as at end December 2011 from Rs. 2,21,099 Crore as at end December 2010

•           Net profit for nine months ended December 2011 up 11% to Rs. 1,261 Crore from Rs. 1,134 Crore for nine months ended December 2010

•           Net Interest Income for nine months ended December 2011 up 5.4% to Rs. 3,334 Crore from Rs. 3,162 Crore for nine months ended December 2010

Mumbai, January 31, 2012: The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the financial results for the quarter ended December 31, 2011, which are as under:

Working results:

Rs. in Crore)

Particulars

9 mths

9 mths

Q3

Q3

FY

2011-12

2010-11

2011-12

2010-11

2010-11

Total Income

18633

14984

6281

5159

20685

Interest income

17291

13518

5849

4701

18542

Non-Interest Income

1342

1466

432

458

2143

Total Expenses

15771

11993

5457

4025

16527

Interest expenses

13957

10355

4790

3508

14272

Operating expenses

1814

1637

667

517

2255

Operating Profit

2862

2991

824

1134

4158

Provisions (net)

1601

1857

414

680

2508

Net Profit

1261

1134

410

454

1650

Profitability:

IDBI reported a net profit of Rs. 410 Crore for the quarter ended December 31, 2011 and Rs. 1,261 Crore for nine months period ended December 31, 2011 as against Rs. 454 Crore for the quarter ended December 31, 2010 and Rs. 1,134 Crore for nine months period ended December 31, 2010.

Total business (deposits and advances) as of December 31, 2011 stood at Rs. 3,33,340 Crore as against Rs. 2,84,729 Crore as of December 31, 2010, registering a growth of 17%.

Deposits increased to Rs. 1,77,123 Crore as at end December 2011 from Rs. 1,50,239 Crore as at end December 2010, reflecting a growth of 18%.

Advances also increased by 16% to Rs. 1,56,217 Crore as at end December 2011 as compared to Rs.

I,34,491            Crore as at end December 2010.

Aggregate assets as of December 31, 2011, stood at Rs. 2,55,888 Crore as against Rs. 2,21,099 Crore as of December 31, 2010, registering a growth of 16%.

Fee based income for the quarter ended December 31, 2011 increased to Rs. 361 Crore as against Rs. 358 Crore for the quarter ended December 31, 2010.

CAR:

The Bank's CAR stood at 13.53% (Tier I - 7.54%) as of December 31, 2011 as against 14.10% (Tier I - 8.84%) as of December 31, 2010. Click here to see attachment.

Significant developments from October 2011 till date

IDBI Bank became the first Bank from emerging countries to issue a Dim Sum Bond on November

II,         2011. The Bank priced a Renminbi (RMB) 650 million bond which was issued through its Dubai International Financial Centre (DIFC) branch under its USD 1.5 billion MTN programme.

IDBI Bank has become the country's first PSU Bank to underwrite a Credit Default Swap (CDS) transaction in the domestic market for managing credit risks associated with Indian Corporate Bonds. This is the first transaction of its kind entered by any public sector bank with another bank in India on selling protection in the domestic market on Corporate Bonds.

IDBI Bank became the first Bank in India on November 9, 2011 to have its official presence on Google+. Also, IDBI Bank's fan page on Facebook has more than 1.6 lakh fans within 6 months of its official launch.

IDBI Bank launched a new variant of pre-paid travel card - "IDBI Bank Global Currency Card". The Global Currency Card will be issued on MasterCard platform and will be available in USD Currency with similar features as IDBI Bank's existing Prepaid Travel Card - World Currency Card (WCC). The Global Currency Card (GCC) will have access to over 1.9 million MasterCard / Maestro/ Cirrus ATMs for Cash Withdrawal and Balance Inquiry. The card can also be used for purchases at over 32.9 million acceptance locations across 210 countries and empowers the cardholders to shop online.

In terms of clause 36 and other applicable provisions, if any of the Listing Agreement, Government of India has informed that they are agreeable, in principle, to convert the Tier-1 Bonds of Rs. 2,130.50 crore issued to Government of India by IDBI Bank Ltd. into Equity Share Capital of the Bank, subject to regulatory and statutory requirements.