The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the unaudited financial results for the quarter ended September 30, 2015, which are as under
( ` in Crore)
IDBI reported a net profit of ` 255 Crore for the 6 months ended September 30, 2015 as against a net profit of ` 225 Crore in the corresponding period of previous year. IDBI reported a net profit of ` 120 Crore for the quarter ended September 2015 as against `135 Crore for the quarter ended June 2015 and ` 118 Crore in the corresponding quarter ended September 2014 of previous year.
Total business(deposits and advances) as of September 30, 2015 stood at ` 4,43,943 Crore as against `4,33,063 Crore as of September 30, 2014, registering a growth of 3%.
CASA increased to ` 57,887 Crore as at end- September 2015 from ` 52,433Crore as at end- September 2014, reflecting a growth of 10%
Advances also increased by 5%to ` 2,04,661 Crore as at end September 2015 as compared to ` 1,95,057 Crore as at end- September 2014.
Aggregate assets as of September 30, 2015, stood at ` 3,38,458 Crore as against `3,29,111 Crore as at September 30, 2014, registering a growth of 3% .
Capital Adequacy Ratio (CAR) of the Bank (without considering half yearly profits) stood at (as per Basel III) 11.66% as of September 30, 2015.
Significant developments during FY 2015-16 (July 2015– September 2015)
- IDBI Bank signed The General Refinance Agreement (GRA) with Micro Units Development and Refinance Agency (MUDRA) Ltd. on July 01, 2015. As per the agreement, the Bank will offer credit facilities up to ` 10 lakh to Micro Enterprises, at a competitive interest rate under Pradhan Mantri Mudra Yojana (PMMY).
- IDBI Bank launched its first self service Mini Branch Kiosk at its Cuffe Parade, Mumbai Branch, which will address the customers’ request of personalized cheque leaves dispensation, issue of Demand Draft & Pay Order, deposit of cheque/ DD on 24X7 basis. IDBI Bank would be the first bank in the country to make these services available on 24X7 basis.
- IDBI Bank launched a new Loan Application Processing System for its Structured Retail Asset (SRA) Loans like Education loans, Personal Loans and Auto Loans. This system would bring about the standardization in processing/sanction and disbursements of these loans and would improve Turn Around Time for these loans.
- IDBI Bank launched its Tab Banking solution christened ‘JusTab’ to facilitate opening of accounts at the customers’ door step using a Tablet.
- IDBI Bank inaugurated its Treasury Business Continuity Centre (BCP) on August 28, 2015, at its Bandra Kurla Complex, Mumbai office. The BCP site will serve as a near-site alternative to the Bank’s main Treasury Dealing centre in the event of any business disruption/disaster.
- IDBI Bank has been awarded second prize in linguistic region `B’ of nationalised banks and financial institutions category of Rajbhasha Kirti Puraskar for the year 2014-15 for its outstanding performance in the use of Hindi. The award was presented by Honourable President of India Shri Pranab Mukherjee to Shri Kishor Kharat, MD and CEO, at Vigyan Bhavan, New Delhi on September 14, 2015.
- Honourable Prime Minister Shri Narendra Modi flagged off a Financial Inclusion Initiative funded by IDBI Bank, in Varanasi, on September 18, 2015.
- IDBI Bank’s loans, linked to Base Rate became cheaper following a 25 bps reduction in its Base Rate to 9.75% with effect from October 5, 2015. IDBI Bank took this pro-active step, keeping in view the recent policy measures announced by the RBI.