The Board of Directors of IDBI Bank Ltd. (IDBI Bank) met in Mumbai today to consider the financial results for the quarter ended June 30, 2008. The results have been reviewed by the Statutory Auditors.

IDBI Bank reported a net profit of Rs. 160 crore for the quarter ended June 30, 2008, as against Rs. 153 crore in the corresponding quarter ended June 30, 2007. This amounts to an increase in net profit by 4% for the quarter compared to corresponding period last year.
Business:
As of June 30, 2008, IDBI Bank’s total business (deposits and advances) stood at Rs 1,50,832 crore as against Rs 1,06,529 crore as of June 30, 2007, registering a growth of 42%.

Deposits increased by a robust 56% year-on-year (y-o-y) to Rs. 72,717 crore from Rs. 46,757 crore outstanding as of June 30, 2007.

Advances also increased by 31% to Rs. 78,115 crore y-o-y, as compared to Rs. 59,772 crore as at end-June, 2007.

As of June 30, 2008, aggregate assets stood at Rs. 1,30,410 crore as against Rs. 1,05,147 crore as on June 30, 2007, registering a growth of 24%.

Non Performing Assets (NPAs):

The gross NPAs and net NPAs as on June 30, 2008 stood at Rs. 1578 crore (1.98%) and Rs. 1071 crore (1.36%) respectively as against Rs. 1294 crore (2.06%) and Rs. 714 crore (1.15%) as on June 30,2007.

CAR:

IDBI Bank continued to maintain a sound capital base as indicated by its Capital Adequacy Ratio (CAR). As against the stipulated RBI norm of 9%, the Bank’s CAR stood at 12.02% (Tier-I: 7.47%) as of June 30, 2008.

Significant developments during April – June 2008

· Hon’ble Union Finance Minister Shri P. Chidambaram inaugurated the 500th branch of IDBI Bank at Karaikudi (Sivaganga District) in Tamil Nadu on May 25, 2008. The occasion also marked the inauguration of the 800th ATM of the Bank.

· The Bank has set up value added service in the form of RTGS facility. It will now be in a position to give the name of remitter along with the UTR (Unique Transaction Reference) Number in the account statement of the customers for all inward RTGS transactions. This will enable customers to know the remitter details of the inward RTGS entries and facilitate better daily funds management.

· On June 6, 2008, Shri S Jaipal Reddy, Hon’ble Union Minister for Urban Development, Government of India, launched through its website (www.egazette.nic.in) the e-Gazette- an electronic form of all Gazette notifications – as part of the Ministry of Urban Development (MoUD)’s initiative to reach out instantaneously to the users in the Corporate sector, businesses, legal fraternity, State Govts, NGOs, academicians, individuals etc. IDBI Bank, as accredited banker to the Department of Publication, MoUD, provides the payment gateway to download all such Gazette notifications for all corporates, organizations and individuals having account with IDBI Bank.

* The Union Government has announced Agricultural Debt Waiver and Debt Relief Scheme, 2008 in the recent past to provide debt waiver/ relief to marginal, small and other farmers. IDBI Bank has implemented the Agricultural Debt Waiver and Debt Relief Scheme, 2008, announced by the Union Government.

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