IndusInd Bank Ltd one of the new-generation private-sector banks in the country, held its 15th Annual General Meeting in Pune today. Dividend @ 12% was approved for the year ended March 31, 2009 at the AGM as against the dividend of 6% paid in the previous year.
Mr. R. Seshasayee, Chairman, addressed the meeting and commenting on the performance of the Bank, said, "IndusInd Bank is well on course towards its target of becoming a 'Top 3' performer in the new private bank space, measured by the 3 parameters of Profitability, Productivity and Efficiency. I am confident that with your support, your Bank will achieve this position sooner than the targeted period of 3 years"
Further, he mentioned that the Bank had significantly improved its asset quality, sharpened its risk management capabilities and put in place enabling systems and procedures. It has also scaled up its international banking operations and made use of technology to deepen customer relationships while upgrading internal controls.
"The added thrust on retail banking, while retaining its broad-based corporate franchise, has helped your Bank to rapidly grow its business volumes, widen its geographical reach, increase its visibility and expand its customer base, and has substantially facilitated the cross-selling of diverse products and entry into new business segments, thus creating a balanced portfolio of businesses. Your Bank has, thus, transformed itself into a one-stop financial shop," said Mr. Seshayee during his address at the AGM.
He added that during the course of the year, the Bank was able to improve profitability through increased focus on client-driven businesses, apart from emphasis on low-cost demand deposits, broad-basing of customers, re-pricing of loans in line with the market, etc. The business numbers for the year have all shown good growth during 2008-09, with net profit having nearly doubled, reflecting the comprehensive beneficial changes ushered in by the new management.
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, "Despite a challenging and deteriorating operating environment, the Bank has shown improvement in all the areas of operations." Adding further he mentioned, "The Bank is executing an integrated plan to improve the quantitative as well as qualitative parameters. We strengthened the capital structure, rejigged the organisation and revamped the components of the balance sheet and p&l account to achieve greater profitability, efficiency and productivity. Additionally, our product teams have worked on revamping the various corporate and retail products on offer as well as introducing new products and services to feed the delivery system".
Financial Highlights for the year 2008-09:
- The Net Profit for year ended March 31, 2009 at Rs. 148.34 crore recorded as increase of 97.65 % Y-o-Y as compared to Rs. 75.05 crore recorded in previous year.
- The Operating Profit for the year ended March 31, 2009 stood at Rs. 368.25 crore as compared to Rs. 196.19 crore recorded in the last year, a growth of 87.70 %
- Capital Adequacy Ratio (CAR) as on March 31, 2009 was 12.33 % as against 11.91% as on March 31, 2008.
- Book Value per share (face value Rs. 10 each) of the Bank as on March 31, 2009 works out to Rs 40.25 as against Rs 34.69 as on March 31, 2008.
- Net Interest Margin (NIM) for FY09 was 1.96% as against 1.53% in FY08. Post amortization, the same works out to 1.80 % as against 1.35 %
- Gross NPAs stand at Rs 255.02 crores (1.61%) at the end of FY09 while Net NPAs stand at Rs 179.13 crores (1.14%). This compares with Rs 392.31 crores (3.04%) of Gross NPAs and Rs 291.02 crores (2.27%) of Net NPAs at the end of FY08.
As on March 31, 2009, IndusInd Bank had a total of 180 branches, spread over 147 geographical locations in 28 states across the country. In addition, IndusInd Bank also had a representative office each in Dubai and London.
About IndusInd Bank
IndusInd Bank Ltd. is one of the new-generation private-sector banks in India which commenced its operations in 1994. The Bank currently has a network of 180 branches, spread over 147 geographical locations in 28 states and union territories across the country. The Bank also has a Representative Office each in Dubai and London.
The Bank is driven by state-of-the-art technology since its inception. It has multi-lateral tie-ups with other banks providing access to more than 18000 ATMs for its customers. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and three major commodity exchanges in the country - MCX, NCDEX, and NMCE. It also offers DP facilities for stock and commodity segments. The Bank has been bestowed with the mandate of being a Settlement Banker for tea auctions at Kolkata, Siliguri, Coonoor and Guhawati
IndusInd Bank has been awarded the highest A1+ rating for its Certificates of Deposit by ICRA and the highest P1+ rating for its Fixed Deposits and Certificates of Deposit by CRISIL.
Visit us at www.indusind.com
