IDBI Bank- Highlights of Q3 FY 15 (Dec 31,2014) financial results vis-à-vis Q3 FY 14 (Dec 31, 2013)

Author(s): 
Mumbai, February 6, 2015: The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the unaudited financial results for the quarter ended December 31, 2014 which are as under:

Working results:                                                                                   (` Crore)

Particulars

Q3

Q3

9 mths 

9 mths 

FY

2014-15

2013-14

2014-15

2013-14

2013-14

Total Income

7936

7150

22779

21710

29576

Interest income

7159

6618

20742

19882

26597

Non-Interest Income

777

532

2037

1828

2979

Total Expenses

6822

5910

19540

17879

23895

Interest expenses

5728

5129

16654

15435

20576

Operating expenses

1094

781

2886

2444

3319

Operating Profit

1114

1240

3239

3831

5681

Provisions (net)

1011

1136

2912

3228

4560

Net Profit

103

104

327

603

1121

Profitability: IDBI reported a net profit of  `103 Crore for the quarter ended December 31, 2014 and `327 Crore for nine months period ended December 31, 2014 as against ` 104 Crore for the quarterended December 31, 2013 and ` 603 Crore for nine months period ended December 31, 2013.
 
Total business (deposits and advances) as of December 31, 2014 stood at ` 4,30,502 Crore as against `3,72,387  Crore as of December 31, 2013, registering a growth of 16%.
 
Deposits increased to ` 2,33,199 Crore as at end December 2014 from `1,93,858 Crore as at end December 2013, reflecting a growth of 20%.
 
Advances also increased by 11% to ` 1,97,303 Crore as at end December 2014 as compared to ` 1,78,528 Crore as at end December 2013.
 
Aggregate assets as of December 31, 2014, stood at ` 3,31,387 Crore as against
` 2,92,255 Crore as of  December 31, 2013, registering a growth of 13%.
 
CAR: The Bank's CAR (without considering nine months profits) stood at 12.23% (as per Basel III) as of December 31, 2014.
 
Significant developments during October 2014 to December 2014
 
•        IDBI Bank’s first Basel III compliant Additional Tier – I (AT - I) bonds amounting to ` 2,500 Crore (` 1,500 Crore with an option to retain over-subscription upto ` 1,000 Crore) received an overwhelming response and has been fully subscribed prior to the closure date.
 
•         As per Brand Finance Banking 500 - the World’s most valuable Banking Brands Report published by Brand Finance- there has been a significant rise of 79% in the valuation of the IDBI Bank Brand over the previous year. Globally, the ranking of IDBI Bank has improved from 351 to 255 while, in India, the ranking has improved from 11th to 9th position. In terms of year on year increase in brand value, in percentage terms, among Indian Banks, IDBI’s rise is the second highest at 79%. In terms of year- on-year improvement in ranking among Indian Banks, IDBI Bank has shown the highest improvement- by 96 positions.
 
•        IDBI Bank became the 1st PSU Bank to launch (Electronic-Insurance Account) e-IA facility.  e-IA is the portfolio of insurance policies of a policy holder held in electronic form with an insurance repository. Under this facility, customers can buy and keep insurance policies in electronic form, rather than as a paper document. The existing policies in physical mode too can be dematerialized and held in the e-IA mode.
 
•         IDBI Bank was conferred Star Performance Award 2014 in demat account opening under PSU-Bank Category by NSDL at its 29th DP Conference.
 
•        IDBI Bank was awarded Rajbhasha Award by “Aashirwad”, a literary-social-cultural organization and  Rajbhasha Shield by RBI for good performance in Hindi implementation.
 
•         IDBI Bank contributed ` 5 Crore to Ramakrishna Mission as part of CSR Initiative towards creation of an endowment fund named “IDBI Bank Golden Jubilee Scholarship Fund” for promoting education among students from weaker sections of the society.
 
•        IDBI Bank allied with the Indian Air Force (IAF) for Channel Swimmathon as a part of IAF’s 82nd anniversary celebration.  IAF’s Channel Swimming Team ‘Delphinus’ successfully completed the extreme endurance Swimmathon, the longest open water swim in Asia. On successful completion of the swim, the team has set the records for – the Longest open water swim in Asia, First ever swim around Mumbai in clockwise direction, the Longest swim ever in the Arabian Sea and the Longest swim ever by any Armed Forces in the World.
 
•        IDBI Bank inaugurated its Zonal Office in Chandigarh.  The newly opened Zonal Office is in tune with the Bank’s strategy to provide further autonomy to understand the local needs and extend financial assistance to the region. 
 
•        IDBI Bank inaugurated the first e-lounge branch at Fafadih in Chhattisgarh, Raipur in a step to strengthen its network and banking services in Chhattisgarh.  At this e-lounge, which is a self-service lounge, banking services will be taken to a different plane, with a high-end technology platform meeting most of the banking requirements through simple and intuitive interface on self-service terminals.
 
 
Date: 
Friday, February 6, 2015