Page 2 - Idfc First Bank

India's current account deficit likely to narrow below 1% in FY24

CAD implies the country is importing more goods and services in value than exports

Interim Budget 2024-25: Conservative, consistent and inclusive

The numbers assumed in the Budget are conservative and chances are high that the government will do better

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

He says that the recent Reserve Bank of India norms on increased risk weights on unsecured loans impacted the capital adequacy ratio by 100 bps

IDFC First Bank Q3 net profit rises 18% to Rs 716 cr, total income jumps

Private sector lender IDFC First Bank on Saturday reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 2023, on the back of improved interest income. The bank had earned a net profit of Rs 605 crore in the October-December quarter of 2022. The total income of the bank increased to Rs 9,396 crore in the quarter as compared to Rs 7,064 crore in the December quarter of the previous fiscal, IDFC First Bank said in a regulatory filing. The bank's interest income improved during the third quarter of the current fiscal to Rs 7,879 crore, as against Rs 5,912 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 2.04 per cent as on December 31, 2023, as against 2.95 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.68 per cent as compared to 1.03 per cent at the end of December 2022. However, provisions and contingencies rose to Rs 655 crore in the December quarter from Rs 450

Stocks to Watch today: TCPL, Tata Coffee, PNB, Railtel, BoB, IDFC First Bk

Stocks to watch on Friday, December 29, 2023: Tata Consumer, Tata Coffee fixes merger date; Innova Captab to debut; PNB board okays Rs 7,500 crore fund raise and more such stocks in the news today.

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

Private equity major Warburg Pincus divests 1.3% in IDFC FIRST Bank

In September, Cloverdell Investment, also an affiliate of Warburg, had sold 4.2 per cent in IDFC First Bank for Rs 2,480 crore

PFC, Yes Bank: Trading strategies for stocks to be added to BSE 100 index

The BSE on Friday announced changes to its Sensex 50, Sensex Next 50 and the BSE 100 index; here's what the charts suggest for select stocks.

RBI rule on unsecured loans to hit lenders' capital, loan growth: Analysts

Shares of RBL Bank slipped 9 per cent to Rs 230.555, while those of SBI Cards and Payment Services plunged 7 per cent to Rs 720.40 in intraday trade

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

IDFC First Bank Q2 results: Net profit rises 35% to Rs 751 crore

IDFC First Bank on Saturday reported a 35 per cent rise in net profit at Rs 751 crore in the second quarter ended September driven by operating income. The lender had posted a net profit of Rs 556 crore in the year-ago period. Total income in the second quarter of the current fiscal rose to Rs 8,786 crore from Rs 6,531 crore in the same period a year ago, IDFC First Bank said in a regulatory filing. The net interest income (NII) of the bank improved by 32 per cent to Rs 3,950 crore against Rs 3,002 crore in September 2022. The net interest margin increased to 6.32 per cent at the end of September 2023 as against 5.83 per cent at the end of second quarter of previous year. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.11 per cent of gross advances at the end of the September quarter from 3.18 per cent a year ago. Similarly, net NPAs or bad loans declined to 0.68 per cent as against 1.09 per cent in the year-ago period. Provision .

IDFC First Bank eyes Rs 3,000 crore in debt capital through tier II bonds

The plan comes soon after Rs 3,000 cr equity raise

A first in 10 yrs: Currency flow drops in H1 due to Rs 2k note withdrawal

Of the Rs 2000 bank note that was returned, only 13% was exchanged and remained deposited in bank account

Kamats Restaurants partners with IDFC First Bank for FASTag integration

Kamats Restaurants on Saturday said it has collaborated with IDFC First Bank for easy registration and recharge of FASTag at its outlets along the highways in Maharashtra and Gujarat. Under this partnership, users can now register for a fresh FASTag or recharge their existing FASTag accounts at Kamats outlets, the restaurant chain said in a statement. "We are proud to be at the forefront of a convenient digital space in the restaurant industry. By teaming up with IDFC First Bank and integrating FASTag technology into our operations, we are not only making FASTag buying and recharging convenient while taking a meal break on the highways for our customers but also contributing to the digital transformation of India," Vikram Kamat, Founder and Chairman of The Vitskamats Group, said. There are 137 Kamats Restaurants in Maharashtra and Gujarat, including those in the two cities as well as along the highways.

Stocks to Watch, Sep 12: L&T, RIL, Lupin, Hindalco, TVS Supply, Power Grid

Stocks to watch on Tuesday, September 12, 2023: From L&T raising its share buyback price, Bajaj Finance planning to enter new car loans segment, Power Grid to trade ex-bonus and more.

After Q1FY24 results, Street positive on IDFC First Bank's growth strategy

Provisions were flat sequentially (up 55 per cent YoY) at Rs 480 crore and net profit was at Rs 770 crore (up 61 per cent YoY and down 5 per cent QoQ)

Ashok Leyland, REC: 5 Nifty 500 stocks that can slip 10% from here on

AIA Engineering and Ashok Leyland look weak on the chartk, while shares of IDFC Bank and REC look ripe for an interim correction, indicate charts.

Warburg sells 4.2% in IDFC First Bank; GQG picks up 2.6% in lender

On Friday, shares of IDFC First Bank fell by as much as 5 percent in early trading but recovered to end little changed

Warburg Pincus sells 4.2% stake in IDFC FIRST Bank for Rs 2,480 cr

Warburg Pincus on Friday divested a 4.2 per cent stake in private lender IDFC First Bank for Rs 2,480 crore through an open market transaction. US-based private equity firm Warburg Pincus offloaded the shares of IDFC First Bank through its affiliate Cloverdell Investment on the BSE. According to the bulk deal data, Cloverdell Investment sold more than 27.86 crore shares, amounting to a 4.2 per cent stake in IDFC First Bank. The shares were disposed at Rs 89 apiece, taking the aggregate transaction value to Rs 2,480.34 crore. At the end of the June quarter, Warburg Pincus through its affiliates -- Cloverdell Investment and Dayside Investment -- have a shareholding of 8.5 per cent in the private lender IDFC First Bank, shareholding data pattern with the bourse showed. Meanwhile, Rajiv Jain-backed GQG Partners acquired 17.6 crore shares or nearly 2.6 per cent stake in IDFC First Bank. The shares were purchased at the same price, taking the deal value to Rs 1,527 crore. Shares of IDF

MSCI shuffle: REC, HDFC AMC, PFC & others to receive upto $214mn inflows

IDFC First Bank, REC, PFC, Ashok Leyland, HDFC AMC, Cummins India, Astral, and Supreme Industries shares are poised to receive $152 to $214 million inflows today