IDFC First

IndiGo and IDFC FIRST Bank have rolled out the IndiGo IDFC FIRST Credit Card, a dual-network offering (Mastercard + RuPay) that promises to turn your everyday spending into free flights.

The bank expects its microfinance stress to ease in the next couple of quarters, after which it plans to grow its book in a measured way, while also putting a proposal to vote at the upcoming AGM

IDFC First Bank chief says not insuring the microfinance portfolio earlier worsened FY25 losses but confirms that 66 per cent of the book is now covered under CGFMU

Shareholders approve fund infusion by Warburg and ADIA but reject proposal allowing Currant Sea Investments to nominate a non-executive director to the bank's board

The special resolution received 64.1 per cent of the votes, falling short of the required 75 per cent threshold for it to pass

IDFC First Bank on Monday said its shareholders have rejected the proposal to allow global private equity firm Warburg Pincus' arm to nominate a non-executive director on the bank board. Last month, IDFC First Bank board had approved a preferential equity issue of about Rs 4,876 crore to Currant Sea Investments BV, an affiliate company of investor Warburg Pincus LLC. Following that, the bank sought shareholders' nod through postal ballot to amend the Articles of Association of the bank. It sought their approval to provide a right to Currant Sea Investments BV(or any of its assignees) to nominate one non-retiring non-executive director by way of a special resolution. As per the results of the postal ballot disclosed to the stock exchanges on Monday, only 64.10 per cent of the votes were in favour of the resolution, while 35.90 per cent were against it. "... The special resolution... has not been passed due to lack of requisite majority," IDFC First Bank said in a BSE filing. Under

Fundraise 4th-largest by an Indian private-sector lender

The entities will invest the funds for a combined 15 per cent stake in the mid-sized private lender which has 971 branches

IDFC FIRST Bank launches comprehensive digital learning platform to bridge the financial literacy divide; offers free access to 35 courses across basic to advanced levels

IDFC First Bank on Saturday reported 53 per cent decline in net profit at Rs 339 crore for the third quarter ended December 2024 on increased provisions due to higher slippages of loans. The private sector lender had earned a net profit of Rs 716 crore in the same quarter a year ago. Total income increased to Rs 11,123 crore during the quarter from Rs 9,396 crore in the same period a year ago, IDFC First Bank said in a regulatory filing. Interest income increased to Rs 9,343 crore from Rs 7,879 crore a year ago. On the asset quality front, the bank's gross non-performing assets ratio improved to 1.94 per cent from 2.04 per cent a year ago. Similarly, net NPAs, or bad loans, came down to 0.52 per cent from 0.68 per cent at the end of the third quarter last fiscal. However, overall provisions, excluding tax doubled to Rs 1,338 crore from Rs 655 crore in the same quarter a year ago. Provisions coverage ratio on non-performing loans was 78.2 per cent as on December 31, 2024. The gr

BFSI Summit: CEOs of prominent private banks say that interest rate hikes are not the key to attracting customers. Instead, the delivery of banking services and brand trust play more significant roles

Senior citizens are given an added advantage and can earn 0.50% more as interest

Over the past few months, IDFC First Bank has consistently maintained a strong support level between Rs 70-71, despite several challenges from downward market trends.

IDFC First Bank on Thursday said it has raised Rs 3,200 crore by selling equity shares to six insurance companies, including LIC and HDFC Life. In a regulatory filing, IDFC First Bank informed that an authorised committee of the board of directors approved the allotment of more than 39.68 crore shares for Rs 80.63 per scrip, "aggregating to Rs 3,200 crore". The names of the six companies to whom shares have been allotted are Life Insurance Corporation of India, HDFC Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, ICICI Lombard General Insurance Company and SBI General Insurance Company. On May 30 and June 28, the lender's board approved the issue and allotment of shares through preferential issues on a private placement basis. More than 18.6 crore shares have been allotted to LIC. As a result, LIC stake in IDFC First Bank has increased to 2.68 per cent.

Such cards do not charge annual or renewal fees for the entire duration of their validity

All three stocks have come off sharply from their February highs

Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from RBI whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stoc

360 ONE WAM Ltd on Friday reported a 7 per cent growth in profit after tax (PAT) to Rs 185 crore in the September quarter of the current financial year. In comparison, the company posted a PAT of Rs 173 crore in the year-ago period, 360 ONE WAM, formerly known as IIFL Wealth Management, said in a statement. The company's total revenues rose 9 per cent to Rs 441 crore in the quarter under review from Rs 405 crore in the July-September quarter of the preceding fiscal 2022-23. "Our market share estimation, which includes both the UHNI (Ultra High Net-worth Individual) and HNI (High Net-worth Individual) segments, stands at approximately 4-5 per cent. "With the introduction of new client segments to cater to the Rs 25 crore market, and an expanded geographical footprint in India and abroad, we see a huge opportunity to double our market share over the next 5 years. All our growth initiatives are designed to achieve this objective," Karan Bhagat, Managing Director and Chief Executive ..

Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the merger of IDFC Ltd with IDFC FIRST Bank. IDFC FIRST Bank is in the business of providing banking services, while its parent IDFC Ltd (IDFCL) is an RBI-registered non-banking financial company. The deal is subject to conditions, including the merger of IDFC Financial Holding into IDFC Ltd in the first step and subsequently, the amalgamation of IDFCL with IDFC FIRST Bank. Further, CCI also approved the cancellation of the existing shares held by IDFC Financial Holding in IDFC FIRST Bank and then the issue of new shares of the bank to IDFCL's shareholders. IDFC Financial Holding is a non-operative financial holding company registered with the Reserve Bank of India (RBI). The Competition Commission said it has approved the deal under the green channel route. "There are no horizontal overlaps or vertical/complementary linkages between the business activities of the parties in the country. "Given the a

The bank has acquired these rights at a cost of Rs 4.2 crore per international match