Page 5 - Iifl

IIFL Finance profit rises 43% to Rs 473 cr in Q1 on higher loan growth

IIFL Finance on Thursday reported a 43 per cent growth in net income to Rs 473 crore for the June 2023 quarter on higher loan growth led by gold and home finance. While gold loans grew 29 per cent, home finance jumped 23 per cent, and microfinance loans soared 63 per cent, and loans against property grew 54 per cent, pushing the overall loan sales by 31 per cent to Rs 68,178 crore, of which off-book assets stood at Rs 26,663 crore, up 45 per cent, the company said in a statement. Its income rose 21 per cent year-on-year to Rs 1,420 crore, the company said. Reflecting the industry trend, the company also saw its asset quality improving, with gross NPAs falling to 1.8 per cent from 2.6 per cent for the reporting quarter and net NPAs improving to 1.1 per cent from 1.5 per cent. Its provision coverage for bad loans stood at 159 per cent. The company's average borrowing cost increased by 44 bps to 9.1 per cent. As much as 96 per cent of loans are retail and 67 per cent of them (exclud

IIFL Securities says 80 companies have lined up initial public offerings

As many as 80 companies, including India First Life Insurance, Snapdeal, Tata Technologies, Netweb Technologies and Go Digit Insurance, have lined up Initial Public Offerings (IPOs), brokerage firm IIFL Securities' President Nipun Goel said on Thursday. According to him, the IPO market has been fairly active over the last three months. and was kick-started by Mankind Pharma with its Rs 4,326 crore-offer that was very well received by investors and importantly, the shares traded strong post listing. Since then, Goel said, five more IPOs have been successfully completed and there is an expectation for a number of IPOs to be launched in the next 4-8 weeks. "As of date, there are approximately 80 companies wherein draft offer documents have been filed with regulator Sebi and we expect several of them to tap the market over the next couple of months," Goel said. He noted that capital raising is expected to be broad-based across multiple sectors, including financial services, healthcare

SAT stays Sebi's order restraining IIFL Securities from taking new clients

In an interim relief to IIFL Securities, the Securities Appellate Tribunal (SAT) has stayed market regulator Sebi's order that banned the broking house from onboarding new clients for two years. The order came after IIFL Securities, earlier known as India Infoline Ltd, filed an appeal against the order passed by the Securities and Exchange Board of India (Sebi). In an order uploaded on its website on Wednesday, the appellate tribunal has stayed the order passed by Sebi. The matter has been listed for final disposal on August 23. The capital markets regulator, on June 19, prohibited IIFL Securities from taking up new clients for two years for alleged mis-utilisation of client funds. In its order, Sebi found that IIFL failed to segregate its own funds from clients' funds, misused the funds of its credit balance clients for settlement of its proprietary trades as well as the trades of its debit balance clients from April 2011 to June 2014, and the said violations were again noticed .

IIFL Securities to approach SAT against Sebi order on taking up new clients

The statement comes after the capital markets regulator Sebi on Monday barred IIFL Securities from onboarding new clients for two years for alleged mis-utilisation of client funds

SEBI can't afford to be reactive, says order in IIFL Securities matter

SEBI said the notice has violated the provisions of SEBI 1993 Circular in various ways to clearly disregard the basic premise of the said circular both in letter and spirit

Sebi bans IIFL Securities from onboarding any new clients for two years

IIFL had, reportedly, used credit-balance client accounts to settle proprietary-trade obligations between April 2011 and January 2017

Sebi bans IIFL Securities from signing new broking clients for 2 years

The company will appeal SEBI's order, said an official who declined to be named as the person is not authorised to speak to the media

Funding in Indian fintech down 40% in 2022, says IIFL Fintech report

The country has over 9,500 fintech companies operating in the country

IIFL Finance keen to raise more funds through bond market, says CFO

As on March 31, the company's total borrowing stood at nearly 40 billion rupees ($485.07 million). Its borrowing mix currently comprises 60% from banks, 20% from the bond market

IIFL to raise Rs 1,500 cr in bonds to fuel growth, caps coupon rate at 9%

Leading non-bank lender IIFL Finance is raising up to Rs 1,500 crore through a public issue of secured redeemable non-convertible debentures (NCDs) to fuel credit growth and debt management, a senior company official said on Thursday. The public issue of the IIFL NCDs will open on Friday and has a base offer of Rs 300 crore. However, the company has a green shoe option to retain an over-subscription of up to Rs 1,200 crore. With the Reserve Bank of India pausing its rate hike cycle, IIFL remains optimistic about raising the entire Rs 1,500 crore in this tranche of issues with an attractive 9 per cent coupon rate. "We expect to raise the full subscription amount in this issue due to the attractive coupon rates. Credit growth is robust after the Covid-19 pandemic, IIFL Director Gaurav Mishra said. The IIFL bonds offer a coupon rate starting at 8.35 per cent for 24 months and the highest effective yield of 9 per cent per annum for a tenor of 60 months. IIFL has kept the highest coupo

More than skin-deep: Nifty Next 50 complexion to get a shade of difference

Removal of non-F&O stocks could lead to addition/subtraction of 11 stocks, triggering a Rs 5,000-crore churn

Bandhan Group, IIFL in race to acquire Aegon Life Insurance: Officials

Acquisition could mark Bandhan Group, IIFL's entry into insurance sector

IIFL Finance Q4 profit rises 16% to Rs 269 cr, total income at Rs 1,079 cr

IIFL Finance on Wednesday reported 16 per cent jump in standalone net profit at Rs 269 crore for March quarter 2022-23. The non-banking financial company had posted a net profit of Rs 231 crore for the year-ago period. Total income during January-March last fiscal rose to Rs 1,092 crore from Rs 1,079 crore, IIFL Finance said in a regulatory filing. Interest income rose to Rs 905.67 crore during the quarter as against Rs 857.64 crore in the year-ago period. During the year ended March 31, 2023, the company declared and paid an interim dividend of Rs 4 per equity share of face value of Rs 2 each, and the same is considered as final, it said.

IIFL Finance fully repays its maiden $400 million bond in April

Fairfax-backed IIFL Finance on Friday said it has fully repaid its maiden USD 400 million bond on maturity this month. The retail focused non-bank had raised the money as part of its medium-term note programme in February 2020. Kapish Jain, its group chief financial officer, said the company had pre-paid a portion of the bond early last fiscal -- FY23. Earlier this month, the Canada-based company had secured USD 100 million in long-term funding from Export Development Canada and Deutsche Bank. IIFL Finance had a loan book of Rs 57,941 crore in December 2022. It offers home loans, gold loans, digital loans and micro finance loans.

Mkts may outperform after clarity on Adani issue: IIFL Securities chairman

Bad loans were increasing due to continued deleveraging by the Indian corporate sector

IIFL Securities December quarter profit after tax down 25% to Rs 64 crore

Total income also dropped 6 per cent to Rs 347 crore for the quarter under review from Rs 368 crore in the quarter ended on December 31, 2021

IIFL Finance to raise funds via public issue of non-convertible debentures

The issue, which also has a greenshoe option to retain an oversubscription of 9 billion rupees, will open for subscription on Friday and close on Jan. 18

IIFL fintech fund picks up 16% in Insurance Samadhan for $2 million

The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested USD 2 million (around Rs 16.5 crore) in insurance technology startup Insurance Samadhan for a 16 per cent stake, valuing the platform at around USD 13 million (around Rs 107 crore). The startup also received another USD 1 million from other investors in the series-A round. This is IIFL fintech fund's 10th investment and first in the insuretech space, the company said, adding it has already invested 50 per cent of the Rs 210 crore corpus of the fund. The IIFL group launched the fintech fund in August 2021 with a corpus of Rs 210 crore with sponsorships from two group companies--IIFL Finance and IIFL Securities. The fund has so far invested Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu and Easyrewardz. Samadhan is an online platform that deals with resolving insurance related complaints such as mis-selling, lapsed policies, policy rejection, fraud or claim rejection in

IIFL Home Finance invests Rs 50 cr in Eon Group's Mumbai township project

Realty firm Eon Group on Friday said it has raised Rs 50 crore from IIFL Home Finance for its township project in Mumbai. IIFL Home Finance has recently invested Rs 50 crore senior-secured construction debt in its affordable housing township 'Riverwood Park' located in Thane, Eon said in a statement. The investment will be in Phase II of the 42-acre project. Eon Group said the fund will help the firm accelerate the completion and delivery of the five towers of Phase II that are under varying stages of construction. The total development potential for sale is over 7 lakh square feet. Bharat Shah, Chairman of Eon Group, expressed confidence about the housing demand. Sales bookings for over 60 per cent of the inventory have already been achieved and the final tower of Phase II is expected to be completed by December 2025. Eon plans to develop Phase III of the township which will have over 15 lakh square feet of residential area. Palash Shah, Managing Director of Eon Group, said: ..

Luxury cars: India's wealthy splurging on personalising wheels of fortune

The minimum waiting period for owning a prized set of wheels has stretched to 18 months, and buyers are loosening their purse strings further to get these rides customised to reflect their personality