IDBI targets to double balance sheet size by 2012 | business | Hindustan Times
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IDBI targets to double balance sheet size by 2012

business Updated: Jun 23, 2007 22:58 IST

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Industrial Development Bank of India (IDBI) which had achieved an aggregate balance sheet size of Rs 1,03,839 crore as on March 31, targets to double the size by 2012.

Bank's Chairman-cum-Managing Director VP Shetty told reporters IDBI has an ambitious plan of achieving 20 to 25 per cent annual growth in its balance sheet during the next five years.

The bank which was earning profit after IDBI converted into full fledged bank not only maintained the profit growth but earned a net profit of Rs 630 crore during 2006-07, he said after inaugurating a branch in Kundapura.

Shetty said that IDBI's operations during the last three months of financial year 2007 saw a six per cent year-on-year growth in net profit to Rs 213 crore.

He said that the bank proposed to open 45 new bank branches across the country for which it had already obtained licenses from the government. Another batch of list for opening more branches had already been submitted to the government.

He said that with a branch network of 435 branches, 18 extension counters and 530 ATMs spread across 256 centres was also planned to increase its branch network to 1,000 by 2012.

Replying to a question on the bank's net NPA, which was at 1.12 per cent, Shetty said that this was mainly due to the takeover of United Western Bank which had liabilities. The bank hoped to bring down the NPA in the next financial year, he said.