IDBI announces 15 pc dividend

Mumbai, Apr 20 (UNI) The Industrial Development Bank of India (IDBI) today announced a dividend of 15 per cent for the financial year 2007-08 (FY07).

The bank, while announcing its annual results, showed a net profit of Rs 630 crore, a growth of 12.3 per cent from the past year's margin of Rs 561 crore.

''IDBI has got past the landmark Rs one lakh crore by dealing a business of Rs 1,05,825 crore in FY-07, indicating the tremendous growth achieved by accumulating deposits up to Rs 43,354 crore with an annual growth of 66.7 per cent in the sector. The net advances are also up by 18.4 per cent to touch Rs 62,471 crore,'' IDBI chairman V P Shetty said.

The net profit for the quarter ended March 31 this year was Rs 213 crore. This apart, IDBI has also maintained a sound capital base, with a capital adequacy ratio (CAR) of 13.73 per cent as against the mandatory 9 per cent stipulated by the Reserve Bank of India (RBI).

With the acquisition of United Western Bank (UWB), which came in to effect in October last year, the bank has 432 branches, 18 extension counters and 522 ATMs under it, spread across 255 centres in the country, a IDBI release said.

The bank had also entered in pact with India Infrastructure Finance Company Limited (IIFCL) to pool in resources for the infrastructure development projects in India.

UNI