IDBI Bank to open 280 branches in next 12 months | india | Hindustan Times
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IDBI Bank to open 280 branches in next 12 months

State-owned IDBI Bank plans to open 280 branches across the country in the next 12 months to help increase its retail business.

india Updated: Aug 23, 2010 20:41 IST

State-owned IDBI Bank plans to open 280 branches across the country in the next 12 months to help increase its retail business.

"We have got permission to opens 280 branches from the Reserve Bank, which will take up our total network to 1,000 branches by September, 2011," IDBI Bank Chairman and Managing Director R M Malla told PTI.

Currently, the bank has about 726 branches and 1,210 ATMs.

The enhancement of its branch network will help the bank expand its retail business, he said, adding that at present, corporates account for about 70 per cent of the lender's total business.

"Going forward, it is expected that retail and corporate share would be 50-50," he said.

As of June, 2010, the balancesheet size of the bank stood at Rs 2,24,657 crore.

During 2009-10, IDBI Bank posted a 20 per cent year-on-year increase in net profit to Rs 1,031 crore, while operating profit rose 97.9 per cent to Rs 2,727 crore.

The bank reported a Net Interest Income (NII) of Rs 2,267 crore in 2009-10 as against Rs 1,239 crore in the previous year, translating into a growth of 82.9 per cent.

IDBI Bank's operations during the first quarter ended June, 2010, resulted in a net profit of Rs 251 crore.

The increase in net profit during the first quarter from Rs 172 crore in the year-ago period was on account of a jump in net interest and fee-based revenues to Rs 851 crore and 385 crore, respectively. Total income grew to Rs 4,755 crore from Rs 4,219 crore in the first quarter last fiscal.

The bank witnessed a 38 per cent growth in loans to Rs 1.35 lakh crore, while its deposit base expanded by 36 per cent to Rs 1.57 lakh crore.