IDBI Bank Limited
NSE Symbol IDBI
UPDATE DT 21.09.2010
IDBI Bank's Q1 2011 net up 46% to Rs.251 Crore
Highlights of Q1 FY 11 financial results vis-à-vis Q1 FY 10 (June 30, 2009) = Details from the bank’s press releases
- Net profit up 46 % to Rs.251 Crore (from Rs.172 Crore)
- Fee based income grew by 53% to Rs.385 Crore (from Rs.252 Crore)
- NII grew by 171% to Rs.851 Crore (from Rs.315 Crore)
- NIM at 1.64% (from 0.81% )
- Business up 37% to Rs.2,92,533 Crore (from Rs.2,13,526 Crore)
- Deposits increased by 36% to Rs.1,57,204 Crore (from Rs.1,15,554 Crore)
- Advances up by 38% to Rs.1,35,329 Crore (from Rs.97,972 Crore)
- Total assets grew by 29% to Rs.2,24,657 Crore (from Rs.1,74,608 Crore)
Mumbai, July 22, 2010:
Working results:
Working results:
| (Rs. Crore) | ||||
| | Q1 2010-11 | Q1 2009-10 | FY 2009-10 | |
| Total Income | 4755 | 4219 | 17564 | |
| Interest income | 4289 | 3461 | 15261 | |
| Non-Interest Income | 466 | 758 | 2302 | |
| Total Expenses | 3924 | 3463 | 14837 | |
| Interest expenses | 3438 | 3147 | 13005 | |
| Operating expenses | 486 | 316 | 1831 | |
| Operating Profit | 831 | 756 | 2727 | |
| Provisions (net) | 580 | 584 | 1696 | |
| Net Profit | 251 | 172 | 1031 | |
Profitability:
IDBI reported a net profit of Rs 251 crore for the quarter ended June 30, 2010 as against Rs.172 crore in the corresponding quarter. This amounts to an increase in net profit by 46% for the quarter compared to corresponding period last year.
Net Interest Income (NII) for the quarter ended June 30, 2010 stood at Rs 851 crore as against Rs.315 crore in the corresponding quarter of the previous year, recording a growth of 171%.
Fee based income during the quarter has shown considerable improvement to Rs.385 Crore as against Rs.252 Crore in the previous quarter, recording a growth of 53%.
Business:
As of June 30, 2010, IDBI’s total business (deposits and advances) stood at Rs.292533 crore as against Rs. 213526 crore as of June 30, 2009, registering a growth of 37%.
Deposits increased to Rs.157204 Crore at end-June 2010 from Rs. 115554 crore at end-June 2009, with a robust growth of 36%.
Advances also increased by 38% to Rs.135329 crore, as compared to Rs. 97972 crore as at end- June 2009.
As of June 30, 2010, aggregate assets stood at Rs.224657 crore as against Rs. 174608 crore as on June 30, 2009, registering a growth of 29%.
CAR:
The Bank's CAR stood at 11.86% (Tier-I 6.69%) as of June 30, 2010.
Significant Developments from April 2010 till date
- Shri R.M. Malla took over as Chairman & Managing Director of IDBI Bank Ltd w.e.f. July 9, 2010. Prior to taking up his current assignment, Shri Malla was Chairman & Managing Director of Small Industries Development Bank of India (SIDBI).
- IDBI Bank Ltd. switched over to the Base Rate system from the existing Benchmark Prime Lending Rate (BPLR) system w.e.f. 01.07.2010. The Bank has decided to fix its Base Rate at 8% p.a.
- IDBI Bank Ltd. was awarded the coveted international certification ISO 9001:2008 for all its Currency Chests across the country in June 2010.
- IDBI Bank Ltd. opened its first overseas branch at The Dubai International Financial Centre (DIFC). Hon'ble Union Minister of State for Finance, Shri Namo Narain Meena, in the presence of Shri B. P. Singh, Deputy Managing Director, IDBI Bank Ltd, inaugurated the branch on June 2, 2010.
- Government of India has communicated its intention to infuse Rs. 3119.04 crores as equity capital on preferential basis. The Bank has initiated necessary steps to complete the Statutory/ Regulatory formalities for this purpose.
RESULTS IN FIGURES:
| IDBI BANK | 30-Jun-10 | 31-Mar-10 | DIF%1 | 30-Jun-09 | DIF%2 |
| Interest on Advances | 315282 | 292049 | 7.96 | 260101 | 21.22 |
| Income on Investments | 113455 | 114549 | -0.96 | 85367 | 32.9 |
| Income on Balances With RBI | 73 | -7 | -1142.9 | 572 | -87.24 |
| Others | 88 | 1548 | -94.32 | 290 | -69.66 |
| Interest Earned | 428898 | 408139 | 5.09 | 346330 | 23.84 |
| Other Income | 46618 | 54706 | -14.78 | 75561 | -38.3 |
| Total Income | 475516 | 462845 | 2.74 | 421891 | 12.71 |
| Interest Expended | 343780 | 332121 | 3.51 | 314686 | 9.25 |
| Employees Cost | 23357 | 28554 | -18.2 | 11932 | 95.75 |
| Other Operating Expenses | 25263 | 32774 | -22.92 | 19658 | 28.51 |
| Operating Expenses | 48620 | 61328 | -20.72 | 31590 | 53.91 |
| Operating Profit | 83116 | 69396 | 19.77 | 75615 | 9.92 |
| Provisions | 50177 | 54247 | -7.5 | 56032 | -10.45 |
| Profit before tax | 32939 | 15149 | 117.43 | 19583 | 68.2 |
| Tax Expense | 7850 | -16692 | -147.03 | 2400 | 227.08 |
| Net Profit After Tax | 25089 | 31841 | -21.21 | 17183 | 46.01 |
| Net Profit | 25089 | 31841 | -21.21 | 17183 | 46.01 |
| Face Value | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity | 72489 | 72486 | 0 | 72478 | 0.02 |
| Dividend (%) | - | 30 | - | ||
| Shares Held by GOI(%) | 52.67 | 52.67 | 0 | 52.67 | 0 |
| Capital Adequacy Ratio | 11.86 | 11.31 | 4.86 | 12.3 | -3.58 |
| Basic EPS before Extraordinary items | 3.46 | 4.39 | -21.18 | 2.37 | 45.99 |
| % of Gross/Net NPA | 1.19 | 1.02 | 16.67 | 1.23 | -3.25 |
ANNOUNCEMENTS
TO THE NSE
09-09-2010 Idbi Bank Limited has informed the Exchange that "The Board of Directors of IDBI Bank Ltd., at their meeting held on September 9, 2010, have given in-principle approval to the proposal for merger of IDBI Gilts Ltd. (a 100% unlisted subsidiary of IDBI Bank Ltd.) with IDBI Bank Ltd".
27-07-2010 Idbi Bank Limited has informed the Exchange regarding a press release dated July 26, 2010, titled "IDBI Bank Receives Rs.3119.04 crore from the GOI towards Preferential Issue of Equity Shares".
23-07-2010 Idbi Bank Limited has informed the Exchange that : "In terms of the Special Resolution under Sections 81(1A), 31, 94 and 97 of the Companies Act, 1956 passed at the 6th AGM of the Bank, held on July 22, 2010, the Board of Directors of the Bank has approved Preferential issue of 259509110 equity shares of Rs.10/- each at a price of Rs.120.19 per share (comprising of Rs.10/- face value and Rs.110.19 share premium amount) aggregating to Rs.3119.04 crore to Govt. of India at its meeting held on July 22, 2010".
22-07-2010 Idbi Bank Limited has informed the Exchange that the Board of Directors of IDBI Bank Ltd., at their meeting held on July 22, 2010, have given in-principle approval to the proposal for merger of IDBI Homefinance Ltd. (a 100% unlisted subsidiary of IDBI Bank Ltd.) with IDBI Bank Ltd.
22-07-2010 IDBI Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 428898 lacs for the quarter ending on 30-JUN-2010 against Rs. 346330 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 343780 lacs for the quarter ending on 30-JUN-2010 against Rs. 314686 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 25089 lacs for the quarter ending on 30-JUN-2010 against Rs. 17183 lacs for the quarter ending on 30-JUN-2009.
11-06-2010 Idbi Bank Limited has informed the Exchange that "By passing a Resolution by Circulation, Board of Directors of the Bank has approved a proposal for increase in the Authorised Share Capital of the Bank from Rs. 1250 Crore to Rs.2000 Crore (divided into 200 Crore equity shares of Rs.10/- each) as well as for empowering the Board to raise capital aggregating to not more than Rs.700 crore (Stock exchanges will be notified in advance as per listing agreement provisions when the Board of the Bank takes specific decision to raise capital and the mode of raising capital in future under the enabling shareholders' resolution) subject to passing Special Resolution at the ensuing Annual General Meeting of the Bank under Sections 31,94,97 and 81(1A) of the Companies Act, 1956 and relevant provisions of other applicable laws, regulations and guidelines, if any".
30-04-2010 Idbi Bank Limited has informed the Exchange that the Board of Directors of the Bank at its meeting held on April 30, 2010, dividend at Rs.3 per share on equity shares has been recommended by the Board for adoption by the Shareholders.
30-04-2010 IDBI Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 408139 lacs for the quarter ending on 31-MAR-2010 against Rs. 326221 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 332121 lacs for the quarter ending on 31-MAR-2010 against Rs. 278081 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 31841 lacs for the quarter ending on 31-MAR-2010 against Rs. 31367 lacs for the quarter ending on 31-MAR-2009.
30-04-2010 IDBI Bank Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1527263 lacs for the year ending on 31-MAR-2010 against Rs. 1163162 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1300522 lacs for the year ending on 31-MAR-2010 against Rs. 1030572 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 103113 lacs for the year ending on 31-MAR-2010 against Rs. 85853 lacs for the year ending on 31-MAR-2009.
SUMMARY :
IDBI BANK is on a good growth Path. Recently it has paid Advance tax of Rs 182 Cr vs Rs 62 Cr in corresponding period of last year. Its current Market price is Rs.142.
Considering its medium to long term prospects, it appears to be a good bet for Investors for investors with a medium to long term horizon
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