IDBI Bank's Q1 Net profit at 307 Crore

IDBI Bank's FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 2013

IDBI Bank's Q1 net at  307 Crore

Highlights of Q1 FY 14 ( June 2013 ) financial results vis-à-vis Q1 FY 13 (June 2012)

       Operating Profit at  1317 Crore increased by 16% ( 1132 Crore in Q-1 of FY 2013)   
       NII grew by 16% to  1,475 Crore (Q1 of FY 2013  1,271 Crore)    
       Business up by  3336 crore to  3,62,222 Crore (Previous year  3,58,886 Crore)
       Advances up by 7% to  1,78,945 Crore (previous year  1,67,138 Crore)
       Total assets grew by 6 % to  287790  Crore (Previous year  271361 Crore)

New Delhi, July 18, 2013: The Board of Directors of IDBI Bank Ltd. (IDBI) met in New Delhi today to consider the unaudited financial results for the quarter ended June 30, 2013, which are as under:

Working results:

(  in Crore )
	Q1 2013-14		Q1 2012-13		FY 2012-13
Total Income	7445		6790		28284
Interest income	6728		6270		25064
Non-Interest Income	717		520		3220
Total Expenses	6128		5658		22826
Interest expenses	5253		4999		19691
Operating expenses	875		659		3134
Operating Profit	1317		1132		5458
Provisions (net)	1010		705		3576
Net Profit	307		427		1882

Profitability:

IDBI reported increase of 16 % in Operating Profit to  1317 Crore for the quarter ended June 30, 2013 as against  1132 Crore in corresponding quarter.

Net Profit for the quarter ended June 30, 2013 stood at  307 Crore as against  427 Crore in the corresponding quarter.

Total business (deposits and advances) as of June 30, 2013 stood at  3,62,222 Crore as against  3,58,886 crore as of June 30, 2012, registering a growth of  3336 Crore.

Advances increased by 7% to  1,78,945 crore at end- June 2013 from  167138 crore as at end- June 2012.

Aggregate assets as of June 30, 2013, stood at  2,87,790 crore as against  2,71,361 crore as at end- June 30, 2012, registering a growth of 6%.

Significant developments from April - June 2013:

       IDBI Bank Ltd. and Passenger Car Business Unit of International Cars & Motors Limited (ICML) entered into a Memorandum of Understanding (MoU) for providing Auto Finance to prospective customers of ICML.
       IDBI Bank has been adjudged winner in 'Human Capital Development Category' for "Leveraging Human Capital to Deliver Customer Delight and Impact Overall Growth" at the ADFIAP (Association of Development Financing Institutions in Asia & the Pacific) Development Awards 2013 in Ulaanbaatar, Mongolia.
       IDBI Bank released Optionally Convertible Cumulative Preferential Shares (OCCPS) to Ananya Finance for Inclusive Growth Private Limited (Ananya). With the investment from IDBI Bank, Ananya will be able to expand its work in the sector of financial inclusion, especially of low income households by supporting strong and socially responsible institutions working across the country.
       IDBI Bank Limited has entered into a tie up arrangement with Jain Irrigation Systems Limited (JISL) for financing Minor Irrigation Systems to individual farmers. The tie-up provides assistance to farmers across all the branches of the Bank wherever JISL has a dealer network.
       IDBI Bank's brick and mortar Branch network scaled the magic figure of 1111 with the simultaneous 'virtual' inauguration of 29 branches by the then CMD, Shri R. M. Malla at 11:11 a.m. on 22nd May, 2013. The Branches are situated in the states of Andhra Pradesh, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Tripura and Uttar Pradesh; of these, over 50% are situated in semi-urban and rural areas (all of which are unbanked centers).