IDBI Bank inked pact with passenger car business unit of International Cars & Motors (ICML) by entering into a Memorandum of Understanding (MoU) for providing auto finance to prospective customers of ICML. According to MoU, ICML and its dealer network will collaborate with IDBI Bank for the purpose of retail activation in order to facilitate vehicle financing business. With this initiative the bank aims to extend financing facilities to eligible customers for purchasing multi utility vehicle of ICML ‘Extreme’.
The bank’s net profit contracted by 28.06% at Rs 554.45 crore for the fourth quarter ended March 31, 2013 as compared to Rs 770.79 crore for the quarter ended March 31, 2012. Total Income of the bank has increased by 9.87% to Rs 7543.78 crore for the quarter ended March 31, 2013 from Rs 6865.97 crore for the quarter ended March 31, 2012.
