IDBI expects to double balance sheet by 2019: MD

IDBI Bank managing director and chief executive Kishore Kharat Wednesday said the bank is expecting to double its balance sheet by 2019 and a net profit of Rs 4000-5,000 crore. In 2014-15, the state-run bank's balance sheet stood at Rs 4.68 lakh crore while its net profit stood at a paltry Rs 873 crore from, down from Rs 1,121 crore in 2013-14, driven down subdued loan growth and higher provision slippages as its gross non-performing assets jumping to 5.88 percent from 4.90 percent in March 2014. The Mumbai-based lender will be opening 10 overseas branches within a span of three years and 23 more branches across the country this year.

Kharat, who only recently took over the charge, further said in due course IDBI will be a partner with the Railways in developing about 400 stations through the public private partnership model. But he did not offer any further details over the time-frame or investment.