IDBI plans branches in Singapore, Bahrain

The bank has sought RBI's approval for opening overseas branches, V P Shetty, chairperson and MD, IDBI said on Monday after inaugurating the bank's branch in Udupi.

He said the bank, which has a network of 171 branches, plans to ramp up its branch network to 500 by March 2008.

The bank also signed an MoU in March this year, with Insurance International, a major insurance player in Europe, to set up a life insurance joint venture.

With its focus on retail banking, the bank's retail assets surged by over Rs 2,820 crore (Rs 28.20 billion) during financial year 2006 taking it to Rs 8,520 crore (Rs 85.20 billion).

Retail assets now constitute over 16 per cent of total advances as against 12.5 per cent during March 2005.

Shetty said during FY 2005-06, the bank clocked a net profit of Rs 561 crore (Rs 5.61 billion) with an operating profit of Rs 801 crore (Rs 8.01 billion).

The total business of the bank was up by 30 per cent, reaching Rs 78,518 crore (Rs 785.18 billion).

The non-performing assets also have come down to 1.01 per cent from 1.7 per cent. The deposits of the bank during 2005-06 increased by 72 per cent, while its total advances were up by 16 per cent.