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-2.85 (-3.25%)
-3 (-3.41%) | Chairman's Speech (IDBI Bank) | Year : Mar '12 |
Dear Shareholders,
On behalf of the Board of Directors and the Management Team of IDBI
Bank, I am very happy to present the Bank''s Annual Report for the
Financial Year 2011-12.
The year just past has been a difficult year for the Indian Economy in
general and for the banking sector in particular. The turbulent global
economic conditions, induced by the economic crisis and recessionary
conditions in the European economy presented fresh challenges to the
Indian economy. On the domestic front, India was confronted with rising
inflationary pressures – to contain which the policy rate had to be
hiked several times. To add to the woes, there was a marked slowdown in
the industrial production driven by the subdued overseas demand for
exports and slow growth in new orders. The investment climate, which
directly impinges on the business of the banking sector, also remained
subdued.
Notwithstanding these concerns, your Bank continued to perform well in
FY 2011-12. Your Bank witnessed healthy growth in all its business and
profitability parameters during the last financial year including
highest ever profit achieved in FY 2012. Our belief in Banking for
All has seen us undertake various initiatives to expand our reach and
presence across the expanse of this great country, as also across the
entire range of banking products and services. The branch network of
your Bank has significantly expanded allowing us to serve more
customers.
A number of awards and recognitions have been bestowed on your Bank in
cognizance of its achievements. Your Bank is currently one of the
largest banks in the country with a broad network of branches and ATMs.
Even on the technological front, your Bank has continued to keep pace
with the changing times and introduced several customer friendly
initiatives in a bid to serve our customers better.
Over the last few years, your Bank has undergone a number of structural
and organizational changes in its transformation from an apex DFI into
a universal commercial bank. A need for a new Vision and Mission
Statement was felt which would reflect the Bank''s commitment towards
enhancing value for all its stakeholders. The ethos is amply reflected
by the new vision statement of your Bank To be the most preferred and
trusted bank enhancing value for all stakeholders. Accordingly, a new
Mission Statement has been crafted which delineates the strategic goals
for translating the vision into reality.
The credit for the growing business of your Bank goes to all my
colleagues across various verticals and functions, who have committed
themselves to deliver the best banking services to our customers, so
that your Bank can achieve its vision of being a financial
conglomerate that provides one-stop financial solutions and enhances
value for all its stakeholders.
The outlook for growth of the Indian economy is indeed challenging
owing to the continued stress in advanced economies. However, India
remains one of the fastest growing economies in the world. For FY
2012-13, the main focus for India is to return to the high growth
trajectory through appropriate policy changes to induce growth in
various sectors of the economy, especially the industrial sector.
In the coming year, your Bank aims to strategically optimise business
growth & profitability parameters to reflect improvement on overall
basis. The focus of the strategies would be on raising low cost
deposits, boost credit growth, enhance fee based income and minimize
costs to enhance profitability. Concerted efforts will be undertaken
to achieve Priority Sector Lending targets & sub targets. By enlarging
our network and exploring various branch banking alternatives, we will
continue to focus on financial inclusion. By exploring alternative
sources and cross selling opportunities, your Bank would look towards
enhancing its fee income. On the assets front, your Bank will adopt
strategies to expand retail portfolio, while maintaining prominent
position in corporate & infrastructure financing. Further, the focus
would continue on improving asset quality to control fresh slippages &
higher recoveries. The operational strategies would be adequately
backed by the policy strategies to ensure the objectives are met in a
rapid and sustainable manner.
It has been possible for your Bank to attain this stature owing to your
continued support and loyalty. We look forward to continuing this
treasured relationship with you in our journey towards a better
tomorrow.
With best wishes to you and your families,
Yours sincerely,
Mumbai R.M. Malla
April 21, 2012 Chairman & Managing Director |
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| Source : Dion Global Solutions Limited | |
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