IDFC First Bank

Jigar S Patel of Anand Rathi recommends buying these three stocks on Aug 26

After peaking around the Rs 101 mark in September 2023, the IDFC First Bank stock underwent a significant correction, dropping by 30 points, equivalent to a 29.34 per cent decline from its high.

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

After reaching a peak near the Rs 101-mark in September 2023, the IDFC First Bank stock experienced a substantial correction of 30 points, translating to a 29.34 per cent decline from its high.

IDFC First Bank Q1 results: Net profit declines by 11% to Rs 680 cr

IDFC First Bank on Saturday reported an 11 per cent decline in net profit at Rs 680 crore in the April-June quarter. The bank had posted a net profit of Rs 765 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 10,408 crore as against Rs 8,282 crore, IDFC First Bank said in a regulatory filing. The lender's interest income also increased to Rs 8,789 crore from Rs 6,868 crore in the same quarter a year ago. The gross Non-Performing Assets (NPAs) declined to 1.9 per cent of the gross advances by June 2024 from 2.17 per cent in the same quarter a year ago. The net NPA too declined to 0.59 per cent as against 0.70 per cent in the same period of the previous year.

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IDFC First Bank to issue Rs 3,200 cr of equity shares on preferential basis

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IDFC First Bank board approves Rs 3,200 cr fundraise via preferential issue

IDFC First Bank on Thursday said its board approved a plan to raise Rs 3,200 crore via preferential issue of shares to fund business growth. The board of the bank at its meeting on May 30, 2024 considered and approved to issue, offer and allot 39.68 crore shares of face value of Rs 10 each fully paid-up, on a preferential basis, to the allottees at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore, IDFC First Bank said in a regulatory filing. This is subject to approval of the shareholders of the bank, it said. Further, the board approved a process of carrying out postal ballot to seek approval of the shareholders for issuance and allotment of equity shares by way of preferential issue to the proposed allottees. Post allotment, the issued and paid-up equity share capital of the bank will increase from 7,07,72,76,843 equity shares of Rs 10 each fully paid-up to 7,47,41,51,443 fully paid-up equity shares of Rs 10 each. After the preferential issue, LIC stake would ..

Debt, equity holders approve merger of IDFC Ltd with IDFC First Bank

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT. "We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said. In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD ...

RBI okays appointment of Natarajan as IDFC FIRST Bank's whole time director

The Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, the private sector lender said. "RBI...has accorded its approval to appoint Pradeep Natarajan as Whole Time Director, designated as Executive Director of the bank for a period of three years," IDFC FIRST Bank said in a regulatory filing on Thursday. The bank further said it will take the necessary steps to complete the formalities for the appointment of Natarajan as Executive Director. The said appointment shall be subject to the approval of the shareholders of the bank, it added. IDFC FIRST Bank had reported a net profit of Rs 724 crore for the fourth quarter ended March 2024. The bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024.

IDFC First Bank Q4 results: Net profit falls 10% to Rs 724 cr, NII up 24%

IDFC FIRST Bank on Saturday reported 10 per cent decline in net profit at Rs 724 crore for the fourth quarter ended March 2024 due to substantial jump in provisions. The lender had earned a net profit of Rs 803 crore in the year-ago period. Total income rose to Rs 9,861 crore from Rs 7,822 crore a year ago, IDFC FIRST Bank said in a regulatory filing. Interest income grew to Rs 8,219 crore during the period under review, from Rs 6,424 crore in the corresponding quarter a year ago. Net Interest Income (NII) grew 24 per cent from Rs 3,597 crore in Q4 FY23 to Rs 4,469 crore in Q4 FY24, it said. On the asset quality side, the bank's gross Non-Performing Assets (NPAs) reduced to 1.88 per cent of gross advances as of March 31, 2024, from 2.51 per cent by the end of March 2023. Net NPAs also came down to 0.60 per cent of the advances from 0.86 per cent at the end of 2024. However, provisions and contingencies increased by 50 per cent to Rs 722 crore in Q4FY24 as compared with Rs 482 cr

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RBI imposes monetary penalty on IDFC First Bank, LIC Housing Finance

Reserve Bank of India has imposed monetary penalty of Rs 1 crore on private sector lender IDFC First Bank for non-compliance with certain directions issued by regulator on Loans and Advances

RBI imposes penalty of Rs 1 crore on IDFC First Bank for violation of norms

The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on Loans and Advances Statutory and Other Restrictions', the central bank said in a statement. In another statement, it said the penalty on LIC Housing Finance has been levied for non-compliance with certain provisions of the Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021' issued by RBI. In both cases, penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their respective customers. Meanwhile, the RBI has cancelled certificate of registration (CoR) of four NBFCs -- Kundles Motor Finance, Nithya Finance, Bhatia Hire Purchase, and Jiwanjyoti Deposits and Advances. The four ...

Warburg Pincus exits IDFC First Bank, sells entire stake for Rs 1,195 cr

Private equity major Warburg Pincus on Thursday sold its entire 2.25 per cent stake in private sector lender IDFC First Bank for Rs 1,195 crore through an open market transaction. Warburg Pincus offloaded the shares of IDFC First Bank through its affiliate Cloverdell Investment Ltd on the BSE. According to the bulk deal data available with the BSE, Cloverdell Investment sold more than 15.88 crore shares of IDFC First Bank. The shares were disposed of at an average price of Rs 75.24 apiece, taking the deal size to Rs 1,195.21 crore. As of December 2023, Warburg Pincus through its affiliate holds a 2.25 per cent stake in Mumbai-headquarted IDFC First Bank, shareholding data showed with the BSE. Details of the buyers of shares could not be ascertained. On Thursday, shares of IDFC First Bank plunged 3.11 per cent to close at Rs 75.39 apiece on the BSE. In January, IDFC First Bank reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 202

IDFC First Bank slips 3% after over 2% equity change hands in block deals

As per reports, Cloverdell Investment, an affiliate of US-based Warburg Pincus, planned to sell 159 million shares in IDFC First Bank through the block deal route on Thursday.

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Profitability issues to be fully sorted in next 5 yrs: IDFC First Bank CEO

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