Page 2 - Idbi Bank

South Indian, IDBI Bank gain up to 14%; hit multi-yr highs post Q3 results

IDBI Bank surged 14% to hit over five-year high of Rs 86.97; while South Indian Bank hit a fresh six-year high of Rs 33.70 on soaring 9% backed by heavy volumes.

IDBI Bank Q3 net profit jumps 57% to Rs 1,458 cr on better interest income

IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income. The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022. The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022. As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal. Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023. During the quarter Capital Adequacy Ratio of

Zee Entertainment seeks deadline extension for finalising Sony merger deal

While the merger between the two companies received the requisite approvals, differences cropped up over who would helm as the chief executive officer of the merged entity

NCLAT refuses to stay Zee-Sony merger, case to be heard on January 8

Tribunal agrees to hear appeal against it on Jan 8

NCLAT refuses to stay Zee-Sony merger, case now to be heard in January

IDBI Bank and Axis Finance had challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT), which approved the Zee-Sony merger

Supreme Court agrees to hear bankruptcy plea against Zee founder

IDBI Trusteeship is the debenture trustee of 425 debentures worth Rs 425 crore issued by Essel Infraprojects Limited (EIL)

Govt invites fresh bids from asset valuers of sale-bound IDBI Bank

The government on Wednesday issued a fresh RFP for the appointment of asset valuer for strategic sale-bound IDBI Bank. The last date for submitting bids by asset valuer is January 5, the Department of Investment and Public Asset Management (DIPAM) said while floating the Request For Proposal (RFP). The DIPAM had last week cancelled the bid process for the appointment of an asset valuer for IDBI Bank on low bidder interest. A fresh RFP would be invited soon after a review of some of the bid criteria to enable better interest from bidders, an official had said. The asset valuer has to be registered either with the Insolvency and Bankruptcy Board of India, or Sebi, or the Institute of Chartered Accountants of India (ICAI). The bidder is required to have an annual turnover of over Rs 1 crore in the previous three fiscal years.

Govt cancels IDBI Bank asset valuer appointing bid, fresh RFP to be issued

The government on Tuesday cancelled the bid process for the appointment of an asset valuer for strategic sale-bound IDBI Bank on low bidder interest. A fresh Request For Proposal (RFP) would be invited soon after a review of some of the bid criteria to enable better interest from bidders. "It has been decided with the approval of the competent authority to cancel the present RFP and to issue a fresh RFP for selection of an asset valuer for strategic disinvestment of IDBI Bank Ltd," DIPAM said in a corrigendum. "We had only a single bid. A fresh RFP will be issued soon after we review some of the criteria to enable better interest from bidders," a government official said. The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank and in January received multiple Expressions of Interest (EoIs) for the same. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last week said the IDBI Bank strategic sale transaction is "o

Stocks to Watch today, Nov 17: Delhivery, IDBI Bank, TVS Motor, Oil-linked

Stocks to Watch on Friday, November 17, 2023: SoftBank may offload around 31 million, or 4 per cent stake, in Delhivery for $150 million

IDBI Bank stake sale may not be completed by March 2024: Govt official

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday. Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is "on course" but there are aspects like the RBI's fit and proper criteria which need to be complied with. "We practically don't think that before March, we can conclude it (IDBI Bank stake sale)," Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here. He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, which has a 49.24 per cent shareholding, have jointly decided to sell 60.7 per cent stake in the lender. Pandey said that achievement of the divestment target is contingent upon important transactions like the one involving sale of

Govt may disinvest 5-10% in select PSBs to realise share market gains

As things stand, the govt has over 80% ownership in six banks: Bank of India, Indian Overseas Bank, Punjab & Sind Bank, Bank of Maharashtra, Central Bank of India, and Uco Bank

Centre may moderate FY25 disinvestment target amid limited asset sales

The FY24 Budget Estimate of Rs 51,000 cr expected to be halved

Tech is critical, but banks won't like to be tech companies: Citi India CEO

It is demeaning to compare what banks do and what technology companies do; banks build relationship of trust with customers and use technology as an enabler, says Ashu Khullar, CEO Citibank India

Tax deadlines to special FDs: 5 important financial dates in November 2023

One of the major requisites for pensioners post their retirement is to provide life certificates to the authorised pension disbursing agencies like Banks, Post offices etc.

Stocks to Watch today: ICICI Bank, Hudco, NDTV, ABFRL, Samvardhan, Paytm

Stocks to Watch on Monday, October 23, 2023: Paytm said its revenue increased 32 per cent YoY to Rs 2,519 crore in the second quarter, with its consolidated net loss narrowing to Rs 291 crore

IDBI Bank Q2 results: Net profit jumps 60% to Rs 1,323 cr on declining NPAs

IDBI Bank on Saturday reported a 60 per cent rise in net profit to Rs 1,323 crore for the second quarter ended September 30 on the back of a fall in bad loans. The private sector lender controlled by India's largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period. The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing. The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago. The bank's asset quality improved significantly with its gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2023, against 16.51 per cent at the end of September 2022. Its net NPAs fell to 0.39 per cent as compared to 1.15 per cent in the same quarter a year ago. The bank's Capital Adequacy Ratio increased to 21.26 per cent from 19.48 per cent at the end of the same quart

IDBI Bank has deferred tax assets of Rs 11,520 cr, 120 properties: Govt

The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad. The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around Rs 11,520 crore, DIPAM said. Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues. DIPAM further said the asset valuer shall further identify intangibles not on the IDBI Bank balance sheet like brand name, branch network and value them. The Terms of Reference for asset valuer

Zee-Sony case: NCLAT defers hearing over IDBI, Axis Finance plea to Oct 31

The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed. Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger. Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax ...

Stocks to Watch: Infosys, HCLTech, Maruti, IDBI Bank, Tata Motors, Religare

Stocks to watch on October 13, 2023: Infosys has lowered its FY24 constant currency revenue growth guidance for a second time to 1.0-2.5 per cent from 1-3.5 per cent earlier

RBI likely to complete vetting bidders for IDBI Bank by October-end

The RBI normally takes about 12-18 months to complete the assessment before allowing an entity to run a bank