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"The board today approved the proposal to set up and enter into the mutual fund business and promote and sponsor the proposed MF, the trust or trustee company and the asset management company either as a wholly-owned subsidiary or as a JV," IDBI Bank said a filing to the Bombay Stock Exchange.
The bank reported a net profit rise of 28 per cent to Rs 313.67 crore (US$63.2 million) in the fourth quarter ended March 31 from Rs 245 crore in the same period of FY'08.
Total income rose by 41 per cent to Rs 3,734.50 crore in the March quarter from Rs 2,646.97 crore in the corresponding period a year ago, it said.
During the quarter, IDBI's interest income jumped 45 per cent to Rs 3,262.21 crore, while interest expenditure stood at Rs 2,780.81 crore, up 38 per cent over the same period last fiscal.
The board declared a dividend of 25 per cent for FY'09 , at the rate of Rs 2.50 a piece on shares of face value of Rs 10 each.
(PTI)
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