IDBI, an Indian Private sector bank has tied up with Europe’s premier Bancassurer, Fortis for insurance business in India . IDBI-Fortis is joint venture between IDBI,Fortis, and Federal Bank.
IDBI holds 48% stake and Frotis and Federal banks hold 26% each.
IDBI fortis has lunched its first products in March 2008.
IDBI Bank, 01-OCT-2008 to 31-DEC-2008 (Third Quarter)Results:
IDBI Bank has announced the standalone Results for the quarter ended on 31-DEC-2008 as follows:
Net profit of the bank grew by 26.61% at Rs 222.6 cr versus Rs 175.8 cr in the same quarter of previous financial year.
The bank reported net interest income (NII) at Rs 516.3 crore versus Rs 212.9 crore.
The bank announced that its net NPA has increased from 1.04% versus 1.19% as against same quarter of previous financial year.
The bank share price closed at 53.60 Rs down by 3.25%.