IDBI Bank has appointed Mr. R M Malla as its news Chairman and Managing Director for a period of three years.

The Ministry of Finance has nominated Mr. Malla to the post of Chairman and Managing Director.

Mr. Malla has been appointed for a period up to May 31, 2013, when he would attain the age of superannuation, or until further orders, whichever is earlier.

Earlier, Mr. Malla was the Chairman of SIDBI.

He takes charge from Mr. Yogesh Agarwal whose term finished in June this year and is now Chairman of PFRDA.

Recently IDBI Bank announced an increase of 1.51% in its standalone net profit on y-o-y basis to Rs 3.18 billion.

Total income of the bank surged 23.94% y-o-y basis to Rs 46.28 billion for the three month period ended March 2010. (With Inputs from Agencies)