Page 11 - Idbi Bank

LIC-owned IDBI Bank posts Q3 net profit of Rs 378 crore as NII grows

Life Insurance Corporation -owned IDBI Bank reported a standalone net profit of Rs 378 crore for December quarter 2020-21 on the back of healthy growth in interest income. The lender, which is under the Reserve Bank of India's prompt corrective action (PCA) since May 2017, had reported a standalone net loss of Rs 5,763 crore in the year-ago quarter. On a consolidated basis, its profit after tax stood at Rs 393.15 crore, compared to a loss of Rs 5,728.70 crore last year. The profit has increased to Rs 378 crore in the quarter. It has been contributed by growth in the other income and net interest income. Our operating profit grew by 32 per cent (quarter-on-quarter) and net interest margin has increased to 2.87 per cent, bank's managing director and CEO Rakesh Sharma told reporters. Net interest income (NII) grew 18 per cent to Rs 1,810 crore as against Rs 1,532 crore in the same quarter of the previous fiscal. Its net interest margin (NIM) improved by 60 basis points to 2.87 per ce

IDBI Bank shares gain over 2% after third quarter earnings

The firm reported a standalone net profit of Rs 378 crore for the December quarter

IDBI Bank takes prompt corrective action; all eyes now on Q3 results

The lender has stabilised under LIC ownership, but its exit from the central bank's restrictions may be some time away

Loan book audit at IDBI Bank to identify stress areas ahead of stake sale

Audit report may form the basis of valuations in impending disinvestment by the government

Govt to sell up to 10% in SAIL via OFS, may fetch Rs 2,600 crore

On offer are 206.5 million shares, or 5% of company's stock, at a floor price of Rs 64 a share, with option to sell another 5% if issue is oversubscribed

Stocks to watch: HDFC, DHFL, Bajaj Finance, Edelweiss Financial, IDBI Bank

MOIL will form JV with Gujarat Mineral Development Corporation for manganese ore mining JV in Gujarat

RBI wants IDBI Bank to come out of PCA framework before stake sale

The government's shareholding in the lender is 47.11 per cent, while LIC holds 51 per cent in it

Stocks to watch: Antony Waste, M&M, JSPL, Infibeam Avenues, IDBI Bank

The shares of auto companies will remain in focus today after a host of companies are scheduled to release auto sales figures for December 2020

IDBI Bank sells 23% stake in life insurance JV to Belgian partner

LIC-controlled IDBI Bank on Thursday said it has sold 23 per cent stake in life insurance venture to foreign partner Ageas for Rs 507 crore

IDBI Bank sells 23% stake in its life insurance arm to Ageas for Rs 507 cr

With this, Ageas will hold 49% in the insurance venture, which is being rebranded as Ageas Federal Life Insurance Company

Top headlines: Coronaviurs vaccine, IDBI Bank stake sale, and more

Here are the top business headlines on Friday

IDBI Bank falls 19% on listing of fresh shares allotted to QIBs

The Committee at its meeting held on Saturday i.e. December 19, 2020, approved the issue and allotment of 371.8 million equity shares to the 44 eligible QIBs

IDBI Bank likely to draw Rs 1,500-crore fresh equity capital from LIC

The base size of issue was Rs 1,000 crore with green shoe option of Rs 1,000 crore. The issue opened on December 15 and closed on December 18.

IDBI Bank raises Rs 1,435 cr from 44 investors via issue of equity shares

IDBI Bank has raised Rs 1,435 crore through an issue of equity shares to 44 qualified institutional investors, according to a regulatory filing

IDBI Bank Q2 net profit at Rs 324 cr vs Rs 3,459 cr loss a year ago

Net interest income up 4% to Rs 1,695 cr, NIM improves by 37 bps to 2.7%

IDBI Bank Q2 profit at Rs 324 cr; brings down provisions for bad loans

Compared sequentially, the bank registered a 125 per cent jump against the first quarter net profit of Rs 144 crore, IDBI Bank said in release

IDBI Bank surges 18% on government stake sale plan report

In January 2019, Life Insurance Corporation (LIC) completed the acquisition of a 51 per cent controlling stake in the lender.

IDBI Bank to raise Rs 11,000 cr through QIP; six merchant bankers appointed

Six merchant bankers appointed; LIC may abstain, but committed to retaining stake at 51% for the next two years

Major defaults in our corp bond holdings due to Covid unlikely: LIC chief

In a Q&A, chairman M R Kumar says the insurance behemoth isn't considering scaling down targets and hopes to reach its budgeted figures at the end of FY21

Unlock BFSI 2.0: Early to predict the economic recovery curve: Bank CEOs

Top bank executives attempted to shed the tag of being risk-averse and averred that viable businesses would get the red carpet from lenders