Industrial Development Bank of India Ltd (IDBI) has announced results for the second quarter ended September 30, 2007.

The bank has registered a net profit of Rs 155.50 crore for the period, as compared to Rs 139.4 crore in the same period of the last fiscal.

The total income of the banking institution zoomed to Rs 2363.72 crore from Rs 1641.24 crore in Q2FY07.

According to a bank release, “The erstwhile United Western Bank (UWB) was amalgamated with the bank effective October 03, 2006. The results for the quarter and six months ended September 2007 and for the year ended March 2007 include the operations of UWB, and hence are not comparable with the results for the quarter ended September 2006.”

IDBI bank was established under an Act of Parliament as a wholly-owned subsidiary of the central bank (RBI) in July 1964. In February 1976, the ownership of IDBI was transferred to Indian government.

Presently, the bank has a broad network of 161 branches, 369 ATMs, and 8 Extension Counters covering more than 94 cities.