OREANDA-NEWS. The Board of Directors of IDBI Bank Ltd. (IDBI) met in Mumbai today to consider the unaudited financial results for the quarter ended June 30, 2014, which are as under:

Working results:

(in Crore)

Q1 2014-15

Q1 2013-14

FY 2013-14

Total Income

7233

7445

29576

Interest income

6733

6728

26597

Non-Interest Income

500

717

2979

Total Expenses

6304

6128

23895

Interest expenses

5482

5253

20576

Operating expenses

822

875

3319

Operating Profit

929

1317

5681

Provisions (net)

823

1010

4560

Net Profit

106

307

1121

Profitability: IDBI reported a net profit of 106 Crore for the quarter ended June 30, 2014 and 1121 Crore for year ended March 31, 2014 as against 307 Crore for the quarter ended June 30, 2013. Interest Income has remained stagnant partly due to larger outstanding under RIDF and other PSL Linked Deposits (18435 Crore as at June 30, 2014 compared to 8260 Crore as at June 30, 2013).

Total business (deposits and advances) as of June 30, 2014 stood at 394924 Crore as against 362222 Crore as of June 30, 2013 registering a growth of 9%.

Deposits increased to 210343 Crore as at end June 2014 from 183277 Crore as at end June 2013 reflecting a growth of 15%.

Advances also increased by 3% to 184581 Crore as at end June 2014 as compared to 178945 Crore as at end June 2013.

Aggregate assets as of June 30, 2014 stood at 309352 Crore as against 287790 Crore as of June 30, 2013 registering a growth of 7%.

CAR: The Bank's CAR stood at 11.78% (as per Basel III) as of June 30, 2014.

Significant developments from April to June 2014

IDBI Bank reached a major milestone on Jul 01, 2014, having completed 50 years of its splendid journey in nation building. On this occasion, IDBI Bank introduced mobile banking service for all its customers. This facility, which is accessible from any mobile device, enables the customer to meet all banking needs such as fund transfer, bill payments, visa money transfer, DTH/ Mobile recharge and much more from any destination. It also launched Signature Debit card for HNI customers on the occasion. Supporting its commitment to strengthening presence across the length and breadth of the country, IDBI Bank also opened 50 new branches Pan-India.

IDBI Bank entered in to an MoU with FICCI-CMSME, an affiliated body under the umbrella of FICCI, for financing Micro, Small and Medium Enterprises (MSMEs) across the country at competitive interest rates.

IDBI Bank has launched a robust E-waste (electronic waste) management policy. It is one of the first PSU Banks to script such a policy to contain the harmful effects of e-waste, defined as discarded computers, printers and accessories, network equipment, IT accessories and associated/other electrical items. All branches of IDBI Bank will henceforth dispose such e-waste through an empanelled vendor, who would need to be a dismantler/recycler registered with the State Pollution

Control Board.

IDBI Bank launched a comprehensive IT system 'I-DaB' for Disaster & Business Continuity Management that involves protection of human lives and continuity of critical operations through alternate locations in the event of disasters/disruptions. The system would automate various processes for I-DaB viz. risk assessment, incident reporting, real time monitoring of disruptions, BCP invocation, testing/ mock drills etc.