IDBI Bank Q3 net profit rises to Rs410 crore

Total business (deposits and advances) of IDBI Bank as of 31 December 2011 stood at Rs3,33,340 crore

IDBI Bank reported a net profit of Rs410 crore for the quarter ended 31 December 2011 and Rs1,261 crore for nine months period ended 31 December 2011 as against Rs454 crore for the quarter ended 31 December 2010 and Rs1,134 crore for nine months period ended 31 December 2010.

Total business (deposits and advances) as of 31 December 2011 stood at Rs3,33,340 crore as against Rs2,84,729 crore as of 31 December 2010, registering a growth of 17%.

Deposits increased to Rs1,77,123 crore as at end-December 2011 from Rs1,50,239 crore as at end-December 2010, reflecting a growth of 18%.

Advances also increased by 16% to Rs1,56,217 crore as at end-December 2011 as compared to Rs1,34,491 crore as at end-December 2010.

Aggregate assets as of 31 December 2011, stood at Rs2,55,888 crore as against Rs2,21,099 crore as of  31 December 2010, registering a growth of 16%.

Fee-based income for the quarter ended 31 December 2011 increased to Rs361 crore as against Rs358 crore for the quarter ended 31 December 2010.

In the late afternoon, IDBI Bank was trading at around Rs101.30 per share on the Bombay Stock Exchange, 4.06% up from the previous close.

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IDBI Federal, IDBI Bank launch Termsurance Grameen Suraksha in Surli

“With IDBI Federal’s rural plan, we can offer the villagers a comprehensive set of financial solutions customised for them:” R K Bansal, ED, IDBI Bank.

IDBI Federal in association with IDBI Bank introduced their rural plan – IDBI Federal Termsurance Grameen Suraksha in Surli village (Satara, Maharashtra). This is the first-of-its-kind insurance plan for rural customers of IDBI Bank.  

Surli village falls under the Karad taluka and has close to 500 households with a population of about 2,000 which is serviced by the Ogalewadi branch of IDBI Bank located 15 kms away.

On the initiative, R K Bansal, executive director, IDBI Bank said, “Last year, we initiated our drive to extend our services to the unbanked regions. Our Ogalewadi branch is one of the oldest in this region, making Surli an important village for us to reach out to. With IDBI Federal’s rural plan, we can offer the villagers a comprehensive set of financial solutions customised for them.”

IDBI Bank plans to reach out to the unbanked population in rural India with basic banking facilities. IDBI Federal will partner this initiative through Termsurance Grameen Suraksha, a low-cost, simple term plan that will help provide financial security to the customers of IDBI Bank at Surli and other villages located within 25-30 kms of the Ogalewadi branch. This initiative will be accompanied by a Financial Literacy program conducted by IDBI Bank, where villagers will be taught the importance of banking and financial planning.

Commenting on the occasion, G V Nageswara Rao – MD & CEO, IDBI Federal Life Insurance stated, “India comprises of a large unbanked and under-insured population. Initiatives that drive financial literacy are required to facilitate growth and development in rural regions which are yet untapped. While the prospects for life insurance in the rural sector are promising, the real challenge lies in distributing and delivering systems cost-effectively and efficiently. IDBI Bank is committed to the initiative of reaching out to these locations and we are happy to partner them through our unique plans created for rural India.”

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India’s per capita income crosses Rs50,000 for first time in 2010-11

“The per capita income at current prices is estimated at Rs53,331 in 2010-11, as against Rs46,117 for the previous year, reflecting a growth of 15.6%,” as per the Quick Estimates of National Income released by the Central Statistical Office (CSO)

New Delhi: Reflecting growing prosperity, India’s per capita income grew by 15.6% to Rs53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, reports PTI quoting government data.

“The per capita income at current prices is estimated at Rs53,331 in 2010-11, as against Rs46,117 for the previous year, reflecting a growth of 15.6%,” as per the Quick Estimates of National Income released by the Central Statistical Office (CSO).

The growth in per capita income comes on the back of an 8.4% expansion of the Indian economy during the last fiscal.

Per capita income is the earnings of each Indian if the national income is evenly divided among the country’s population of around 120 crore. It is an important indicator of overall prosperity in the country.

However, the increase in per capita income at constant (2004-05) prices, after discounting for inflation, was about 6.4% in 2010-11. It was Rs35,993 in 2010-11, as against Rs33,843 in the previous year.

According to the figures, the size of the economy at current prices rose to Rs71,57,412 crore last fiscal, up 17.5% from Rs60,91,485 crore in 2009-10.

Based on 2004-05 prices, the Indian economy expanded by 8.4% during the fiscal ended March 2011.

The GDP at constant (2004-05) prices in 2010-11 has been estimated at Rs48,85,954 crore, as against Rs45,07,637 crore in 2009-10, as per the Quick Estimates.

The rate of growth in the 2009-10 fiscal stood at 8.4%, as per provisional estimates which were also released today.

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