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Idfc First

BFSI Summit: 'Service key to mobilising deposits, not just interest rates'

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

BFSI Summit: 'Service key to mobilising deposits, not just interest rates'
Updated On : 06 Nov 2024 | 3:59 PM IST

IDFC First raises fixed deposit rates, offers up to 8.25% on schemes

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

IDFC First raises fixed deposit rates, offers up to 8.25% on schemes
Updated On : 18 Oct 2024 | 1:04 PM IST

Jigar S Patel of Anand Rathi recommends buying these three stocks today

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.

Jigar S Patel of Anand Rathi recommends buying these three stocks today
Updated On : 19 Sep 2024 | 6:27 AM IST

IDFC First Bank raises Rs 3,200 cr by selling shares to LIC, 5 others

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.

IDFC First Bank raises Rs 3,200 cr by selling shares to LIC, 5 others
Updated On : 04 Jul 2024 | 11:05 PM IST

Lifetime free credit card is for a select few: How to get one for yourself

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

Lifetime free credit card is for a select few: How to get one for yourself
Updated On : 21 Jun 2024 | 10:48 AM IST

Retail-heavy stocks plummet nearly 10% this month, shows data

All three stocks have come off sharply from their February highs

Retail-heavy stocks plummet nearly 10% this month, shows data
Updated On : 16 Mar 2024 | 12:09 AM IST

Reserve Bank of India gives nod to reverse merger of IDFC-IDFC First Bank

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

Reserve Bank of India gives nod to reverse merger of IDFC-IDFC First Bank
Updated On : 27 Dec 2023 | 5:13 PM IST

360 ONE WAM Q2 results: Net profit after tax rises 7% to Rs 185 crore

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 ..

360 ONE WAM Q2 results: Net profit after tax rises 7% to Rs 185 crore
Updated On : 03 Nov 2023 | 3:30 PM IST

CCI approves merger of IDFC Ltd with its subsidiary IDFC FIRST Bank

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

CCI approves merger of IDFC Ltd with its subsidiary IDFC FIRST Bank
Updated On : 17 Oct 2023 | 10:58 PM IST

IDFC First Bank gets rights for international matches in India for 3 years

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

IDFC First Bank gets rights for international matches in India for 3 years
Updated On : 26 Aug 2023 | 2:20 PM IST

Capital Small Finance Bank Q1 total business grows 15.58% to Rs 12,584 cr

Capital Small Finance Bank Limited on Monday said its total business grew by 15.58 per cent to Rs 12,584 crore for the quarter ended June 2023. The Jalandhar-headquartered bank's total business was Rs 10,888 crore during the first quarter of the last financial year, according to a statement. The bank said its deposits grew by 14.64 per cent to Rs 7,064 crore and advances went up by 16.81 per cent to Rs 5,519 crore. The net worth of the bank increased by 28.81 per cent to Rs 69 crore during the first quarter of the current fiscal. Sarvjit Singh Samra, managing director and chief executive officer of Capital Small Finance Bank said, "We are proud to report robust profits, which underscore the resilience of our business model and the effectiveness of our strategic initiatives. "As we continue to navigate an ever-evolving financial landscape, we remain focused on sustaining this positive momentum and creating long-term value for our stakeholders.

Capital Small Finance Bank Q1 total business grows 15.58% to Rs 12,584 cr
Updated On : 14 Aug 2023 | 1:35 PM IST

IDFC FIRST Bank net profit increases by 61% at Rs 765 cr in June quarter

IDFC FIRST Bank on Saturday said its net profit rose by 61 per cent year-on-year to Rs 765 crore in the April-June quarter this year mainly driven by strong growth in core operating income. The bank's net profit for the April-June quarter of 2022-23 was Rs 474 crore. "Core operating profit (pre-provision operating profit excluding trading gains) grew strongly by 45 per cent Y-o-Y from Rs 987 crore in Q1-FY23 to Rs 1,427 crore for the quarter Q1-FY24," the bank said in a statement. The bank's net interest income (NII) grew 36 per cent to Rs 3,745 crore in the first quarter of the current fiscal compared to Rs 2,751 crore in the year-ago period. Its Gross NPA improved to 2.17 per cent as of June 30, 2023, from 3.36 per cent as of end-June 2022. Net NPAs of the bank improved to 0.70 per cent at end-June 2023 from 1.30 per cent at June 30, 2022. Commenting on the result, V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "We continue to build a strong franchise with a h

IDFC FIRST Bank net profit increases by 61% at Rs 765 cr in June quarter
Updated On : 29 Jul 2023 | 6:51 PM IST

India's forex reserves top $600 billion, rise to near 15-month high

They rose by $12.74 billion from the week earlier - the biggest gain in four months - having risen by a total of $3.08 billion in the prior two weeks

India's forex reserves top $600 billion, rise to near 15-month high
Updated On : 21 Jul 2023 | 5:52 PM IST

IDFC First Bank looks to raise Rs 2,000 crore in second half of FY24

IDFC First Bank has board approval to raise 40 billion rupees. It has already raised close to half that amount through a preferential allotment to IDFC Ltd

IDFC First Bank looks to raise Rs 2,000 crore in second half of FY24
Updated On : 20 Jul 2023 | 3:26 PM IST

Stocks to Watch on July 4: RIL, IndusInd, IDFC, Adani Transmission, DMart

Stocks to Watch today, on Tuesday: Reliance Jio, the telecom arm of Reliance Industries, has announced the launch of the internet-enabled 'JioBharat' phones, at a price of Rs 999

Stocks to Watch on July 4: RIL, IndusInd, IDFC, Adani Transmission, DMart
Updated On : 04 Jul 2023 | 8:00 AM IST

Will follow path and structure of ICICI, HDFC Bank: IDFC First Bank CEO

'Basically, IDFC FIRST Bank will become a widely held, diversified financial institution with a diversified set of shareholders'

Will follow path and structure of ICICI, HDFC Bank: IDFC First Bank CEO
Updated On : 03 Jul 2023 | 9:53 PM IST

IDFC First Bank Q3 net profit doubles to Rs 605 crore on growth in income

IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income. The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22. The bank's total income increased to Rs 7,064.30 crore in the third quarter this fiscal from Rs 5,197.79 crore in the corresponding quarter of 2021-22, IDFC First Bank said in a stock exchange filing. The bank further said customer deposits increased by 44 per cent from Rs 85,818 crore as of December 31, 2021, to Rs 1,23,578 crore at end-December 31, 2022. CASA deposits grew by 39 per cent year-on-year from Rs 47,859 crore as of December 2021 to Rs 66,498 crore as of December 2022. On the asset quality, it said the gross NPA improved from 3.96 per cent at end-December 2021 to 2.96 per cent as of December 2022. The Net NPA at quarter ending December 2022 improved to 1.03 per cent from 1.74 per cent in the year-ago ..

IDFC First Bank Q3 net profit doubles to Rs 605 crore on growth in income
Updated On : 21 Jan 2023 | 7:00 PM IST

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

CBDC more anonymous than traditional e-transactions: IDFC First Bank CEO
Updated On : 29 Nov 2022 | 11:47 PM IST

IDFC First Bank's loans grow 24.8% YoY in Q2, deposits up 35.9% YoY

Retail business comprised 66.4 per cent of overall funded assets as of September 30, says private lender

IDFC First Bank's loans grow 24.8% YoY in Q2, deposits up 35.9% YoY
Updated On : 04 Oct 2022 | 4:48 PM IST

IDFC likely to announce sale of mutual fund business today evening

A consortium led by Bandhan Financial Holdings is leading the race to acquire IDFC mutual fund business.

IDFC likely to announce sale of mutual fund business today evening
Updated On : 06 Apr 2022 | 1:33 PM IST