IDBI BANK = Q3 FY 2011 RESULTS =QTR ENDING DECEMBER 2010 = NET PROFIT UP 58% YOY = ALL-ROUND IMPROVEMENT

IDBI Bank Limited

NSE Symbol     IDBI

IDBI BANK  has declared good results for q3 ending Dec,2010.

Highlights

Q3 FY 11  Vs Q3 FY 10

• NIM increased to 2.28% (from 1.59% )

• Business up 12% to Rs. 2,84,729 Cr (from Rs. 2,54,075 Cr)

• Advances up by 21% to Rs. 1,34,491 Cr (from Rs. 1,11,278 Cr)

DETAILS:

INTEREST ON ADVANCES : has grown to Rs.3489 cr – by 30.12% from Q3 FY 10.

TOTAL INCOME :  has grown to Rs.5160 Cr – by 16.38% from Q3 FY 10.

OPERATING PROFIT : has grown to Rs.1135 Cr – by a huge 77.22% from Q3 of FY 10.

NET PROFIT : IDBI reported a net profit of Rs. 454 Cr for the quarter ended December 31, 2010 as against Rs. 287 Cr in the corresponding quarter. This amounts to an increase in net profit by 58% for the quarter compared to corresponding period last year.

Net Interest Income (NII) for the quarter ended December 31, 2010 stood at Rs. 1204 Cr as against Rs. 717 Cr in the corresponding quarter of the previous year, recording a growth of 68%.

Fee based income during the quarter increased to Rs. 359 Cr as against Rs. 350 Cr in the previous quarter, recording a growth of 3%.

Total business (deposits and advances) as of December 31, 2010 stood at Rs. 2,84,729 Cr as against Rs. 2,54,075 Cr as of December 31, 2009, registering a growth of 12%.

Deposits increased to Rs. 1,50,239 Cr at end- December 2010 from Rs. 1,42,798 Cr at end- December 2009, reflecting a growth of 5%.

Advances increased by 21% to Rs. 1,34,491 Cr, as compared to Rs. 1,11,278 Cr as at end- December 2009.

Aggregate assets as of December 31, 2010, stood at Rs. 2,21,098 Cr as against Rs. 2,03,311 Cr as on December 31, 2009, registering a growth of 8.75%

CAR: The Bank's CAR stood at 14.10% (Tier I - 8.84%) as of December 31, 2010 as against 11.54% (Tier I - 6.60%) as of December 31, 2009. The increase in CAR is mainly due to fresh infusion of equity capital of Rs. 3119.04 Cr by Government of India.

Gross NPA at Rs. 3021 Cr were 2.22% of gross advances and Net NPA at Rs. 1610 Cr were 1.20% of Net Advances.

Provision Coverage (including technical write-offs) was 75.61% as against norm of 70%.

Return on Assets: is rising fast and now stands at 0.83

Basic EPS : has risen to Rs.4.61 from Rs.3.96 YOY.

CURRENT MP is rs.152. Annual EPS can be above Rs.17.45. Hence, current PE Ratio is around 8.71.

Most of the Banks – including IDBI Bank have performed well in Q3 FY11.

IDBI Bank has improved its Net Profit by over 58%, which is commendable. Over all, the Indian Banking Sector has performed very well, clocking excellent rates of Growth.

RESULTS TABLE :

IDBI BANK	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10	31-Dec-09
Interest on Advances	348890	338696	315282	292049	268131
DIF %1	3489	3.01	10.66	19.46	30.12
Income on Investments	120896	118362	113455	114549	116070
DIF %2	1209	2.14	6.56	5.54	4.16
Income on Balances With RBI	668	521	73	-7	167
Others	779	149	88	1548	16412
Interest Earned	471233	457728	428898	408139	400780
Other Income	44721	49211	46618	54706	42559
Total Income	515954	506939	475516	462845	443339
DIF %3	5160	1.78	8.5	11.47	16.38
Interest Expended	350830	340924	343780	332121	328907
NII	120403	116804	85118	76018	71873
DIF %4	1204	3.08	41.45	58.39	67.52
Employees Cost	16584	34232	23357	28554	19660
Other Operatng Expenses	35087	29220	25263	32774	30753
Operatng Expenses	51671	63452	48620	61328	50413
Operating Profit	113453	102563	83116	69396	64019
DIF %5	1135	10.62	36.5	63.49	77.22
Provisions	65195	44153	50177	54247	24654
Tax Expense	2850	15500	7850	-16692	10650
Net Profit	45408	42910	25089	31841	28715
DIF %6	454	5.82	80.99	42.61	58.13
Face Value (in Rs.)	10	10	10	10	10
Paid-up Equity	98453	98442	72489	72486	72483
Reserves	-	-	-	747167	-
Dividend (%)	-	-	-	30	-
Capital Adequacy Ratio	14.1	14.17	11.86	11.31	11.54
Basic EPS	4.61	4.77	3.46	4.39	3.96
% of Gross/Net NPA	1.2	1.19	1.19	1.02	1.4
Return on Assets	0.83	0.77	0.45	0.6	0.57
Public holding (%)	34.86	34.86	47.33	47.33	47.33

·         

IDBI Bank was conferred the Award for the Fastest Growing Bank at Best Bank Awards organized by Business Today. IDBI Bank was the recipient of the Award in the Large Banks Category.

·        IDBI Bank has been identified for award of “The most admired Debt Financier in Infrastructure Sector” by KPMG and Infrastructure Today.

·        IDBI Bank was conferred the Award for Brand Excellence at the World Brand Congress 2010 organized by CMO, Asia. IDBI Bank was the recipient of the Award in the Banking Category.

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