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New Delhi, May 22 () <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> on Friday reported a consolidated net profit of Rs 76.36 crore for January-March 2020. The private sector lender had posted a loss of Rs 212 crore during the corresponding January-March quarter a year ago. Sequentially, there was a net loss of Rs 1,631.59 crore in the third quarter ended December 2019. The bank said that in view of accounting for IDFC - CFL (Capital First Ltd) merger from appointed date of October 1, 2018, the figures of the year ended March 31, 2020, are not comparable. The figures for the previous quarter/year have been regrouped wherever necessary in order to make them comparable, IDFC First Bank said in a regulatory filing. Total income during the fourth quarter of FY20 rose to Rs 4,553 crore as against Rs 3,971 crore during the same period of FY19. For the full year 2019-20, the bank witnessed widening of net loss at Rs 2,843.39 crore as against Rs 1,907.88 crore in the previous fiscal. Income during the year rose to Rs 17,962.72 crore from Rs 13,056.17 crore. On the asset front, the gross non performing assets (NPAs) or bad loans as a percentage of gross loans as on March 31, 2020 increased to 2.60 per cent from 2.43 per cent by year ago same period. However, net NPAs improved to 0.94 per cent as against 1.27 per cent. IDFC First Bank said that the board at its meeting had an enabling resolution for borrowing of funds through issue of debt instruments, on private placement basis, up to an amount not exceeding Rs 5,000 crore. The board of directors has not proposed any dividend for FY 2019-20, the bank said. Citing an RBI circular on dividend, it said banks have been advised that in an environment of heightened uncertainty caused by COVID-19, it is important that banks conserve capital to retain their capacity to support the economy and absorb losses. This restriction shall be reassessed by the Reserve Bank based on the financial results of bank, it added. The extent to which the COVID-19 pandemic will impact the bank's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the bank. "The bank's capital and liquidity position is strong and would continue to be the focus area for the bank during this period," it said. The bank said as per RBI March guidelines on regulatory package, it has granted a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers. The bank has created additional provisions amounting to Rs 225 crore during Q4 FY2020 against the potential impact of COVID-19 on standard assets based on all the available information at this point in time. Provisions for bad loans and contingencies for the quarter under review were of Rs 412.38 crore, lower than Rs 655.31 crore parked aside a year ago. V Vaidyanathan, managing director and CEO, IDFC First Bank, said, "We are happy to inform that deposits for our Bank are coming thick and strong. In Q4 FY20, "we saw strong inflows into our bank as retail deposits increased by Rs 4,658 crore, despite the turmoil in the markets. Once the lockdown lifts, things will only get better for both lending as well as deposits as the economic activity will pick up. We are already seeing this that where locations are opening up from lockdown, demand is strong", he said. Further, by raising Rs 2,000 crore of fresh equity capital and reaching strong capital adequacy of 15.5 per cent, the bank is in a strong position to grow from here on, he said. Shares of IDFC First Bank closed 0.26 per cent down at Rs 18.85 apiece on the BSE. See Also - <a href="https://www.businessinsider.in/policy/economy/news/indias-economy-inflation-and-growth-to-take-a-hit-in-the-coming-year-says-rbi-governor/articleshow/75896010.cms">India's economy inflation and growth to take a hit in the coming year, says RBI governor</a> <a href="https://www.businessinsider.in/thelife/article/best-eid-ul-fitr-wishes-and-messages-for-facebook-and-whatsapp/articleshow/75887997.cms">Best Eid-ul-fitr wishes and messages to greet your dear ones</a>

IDFC First Bank posts Rs 76.36 cr net profit in March quarter

<ul><li><keyword id="6361420" type="General" weightage="100" keywordseo="idfc" source="Orion">IDFC</keyword> First Bank announced merger of its parent IDFC Ltd with itself in an all-stock transaction. </li><li>The boards of IDFC First Bank and IDFC have approved the reverse merger.</li><li>This is the second major deal in banking space days after the amalgamation of the HDFC twins.</li></ul>Mumbai, IDFC First Bank on Monday announced merger of its parent IDFC Ltd with itself in an all-stock transaction, marking another major deal in the Indian banking space days after the amalgamation of the HDFC twins. The boards of IDFC First Bank and IDFC have approved the reverse merger. While the bank did not provide the likely valuation of the merged entity, based on Monday's closing prices of the two companies on BSE, the valuation is Rs 71,767 crore. Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each, IDFC First Bank said in a statement. The share exchange ratio will result in a premium of about 20 per cent on the closing market price of the shares of IDFC vis-a-vis IDFC First Bank as of June 30, 2023. IDFC Chairman <keyword id="137177" type="General" weightage="20" keywordseo="anil-singhvi" source="Orion">Anil Singhvi</keyword> said the merger is the last phase of IDFC's corporate restructuring and will help create a financial services provider that offers seamless delivery of services to customers. It will augment operational efficiency for the merged entity and create synergies for our shareholders. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC First Bank's market capitalisation stood at Rs 54,311.48 crore at close today, after the stock rallied 3.2 per cent to Rs 81.94 on the BSE, while IDFC mcap stood at Rs 17,456 crore after its counter rallied 6.3 per cent to Rs 109.10, taking the combined value to Rs 71,767 crore. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Effective July 1, India Inc's biggest merger came into effect when the mortgage major HDFC merged itself with its banking arm in an all-stock deal valued at USD 40 billion. Post-merger, announced on April 4, 2022, HDFC Bank is the world's fourth most valued bank with USD 200 billion in valuation after JP Morgan Chase, ICBC of China and Bank of America. The new giant, fully owned by public shareholders with no promoter entity, has a balance sheet of close to Rs 33 lakh crore, with the assets alone sniffing at Rs 23 lakh crore and also the largest mortgage book with close to Rs 7 lakh crore of loans. The merger will lead to simplification of the corporate structure of both entities by consolidating them and other subsidiaries into a single entity, helping streamline regulatory compliances, the companies said in separate but identical statements. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. The merger scheme is subject to all requisite approvals from the Reserve Bank, Sebi, Competition Commission, National Company Law Tribunal and stock exchanges, and shareholders of both entities. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank. Since the merger, the bank built a deposit franchise that has grown 36 per cent annually since then, and has reached Rs 1,36,812 crore as of March 2023. The bank has also increased its low-cost CASA ratio from 8.6 at the merger with Capital First to 49.77 per cent as of March 2023. The bank has 809 branches and runs 925 ATMs. Its loan book stood at Rs 1,60,599 crore with a balance sheet of Rs 2,39,942 crore as of March 2023. The bank closed FY23 with a net income of Rs 2,437 crore, and its capital adequacy ratio stood at 16.82 per cent. Its gross NPAs stood at 1.65 per cent and net NPA at 0.55 per cent. Overall gross NPAs, including legacy infrastructure financing book, is 2.51 per cent, and net NPA is 0.86 per cent. "We now embark on the next phase of our growth journey towards our long-term vision, and the merger will create sustainable shareholder value in the years to come," said Sanjeeb Chaudhuri, the chairman of IDFC First Bank. In a separate statement, IDFC also said its board approved the reverse merger with the bank, and said the composite scheme of amalgamation includes the merger of IDFC and IDFC Financial Holding Company with IDFC First Bank. IDFC First Bank MD V Vaidyanathan said: "We have built a strong deposit franchise, digital innovation, customer-friendly products, strong capital buffer, growing profitability and high corporate governance".

IDFC to merge with its banking arm in all-stock deal

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> 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 <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> 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 <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

New Delhi, Jan 29 () IDFC First Bank on Wednesday reported a net loss of Rs 1,639 crore for the third quarter ended December 31.
 The bank, which came into existence recently after the merger of IDFC Bank and Capital First, had reported a net loss of Rs 2,504 crore for October-December period of 2018-19.
 "The bank has provided 50 per cent for the legacy stressed telecom account, and it is now time to look ahead for growth," IDFC First Bank Managing Director and CEO V Vaidyanathan said in a statement.
 Total income for the quarter was up 50 per cent to Rs 2,113 crore as compared with same period of previous fiscal, the bank said.
 Shares of IDFC First Bank on Wednesday ended 1.62 per cent higher at Rs 44 on the BSE. MSS
RVK

IDFC First Bank reports Q3 net loss of Rs 1,639 cr

<keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank on Friday said its Managing Director and Chief Executive Officer <keyword id="390118" type="PERSON" weightage="20" keywordseo="V-Vaidyanathan">V Vaidyanathan</keyword> has sold 2.75 crore shares for approximately Rs 58 crore to close ESOP loan availed by him. Vaidyanathan intends to sell about Rs 35 crore worth of stocks on Friday to entirely repay the residual <keyword id="1478117" type="ORGANIZATION" weightage="20" keywordseo="employee-stock-option">Employee stock option</keyword> plan (ESOP) loan taken for exercising his ESOP shares to release his pledged shares, IDFC First Bank said in a filing to <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword>. "We have received an intimation from V Vaidyanathan, Managing Director and Chief Executive Officer of the Bank that he has sold 2,75,58,412 shares on 19th March 2020 for approximately Rs 58 crore to close ESOP loan availed by him," IDFC First Bank Ltd said. "He has explained that with this sale he will have nil ESOP loan, and will not need to sell any more shares in the foreseeable future," IDFC First Bank said. "I would like to clarify that I still hold 4,23,47,144 shares (0.88 per cent) after yesterday's (Thursday) sale," Vaidyanathan said in an intimation to Compliance Officer. "The prices of the <keyword id="6368159" type="UNKNOWN" weightage="20" keywordseo="stock">stock</keyword> has come down recently due to the coronavirus related development in the stock market across all sectors including all banks which resulted in margin call, and at this stage I decided to sell the stock to entirely square the ESOP loans. With the sale of Rs 35 crores expected today, my loans against shares will be nil. I have no other loans other than a home loan," he said. The shares of IDFC First Bank were trading at Rs 21.15 a piece on BSE, up 2.42 per cent from the previous close. SID SID ANSANS

IDFC First Bank CEO Vaidyanathan offloads shares worth Rs 58 crore

New Delhi, Jun 12 () IDFC First Bank on Friday said it has raised nearly Rs 2,000 crore by issuing shares on preferential basis to its promoters and various other financial services players. "The duly authorized committee of the board of directors of the bank at its meeting held today, i.e. June 12, 2020, has approved the allotment of 86,24,40,704 equity shares ...at a price of Rs 23.19 per equity share (including premium of Rs 13.19 per share), to the allottees on preferential basis," IDFC First Bank said in a regulatory filing. Promoter IDFC Financial Holding Company Ltd bought 34,49,76,282 shares, followed by ICICI Prudential Life Insurance Company Ltd which subscribed to 25,87,32,212 shares in the private sector bank. HDFC Life Insurance Company Limited, Bajaj Allianz Life Insurance Limited and Dayside Investment Ltd had allotments of 8,62,44,070 shares each. Stock of IDFC First Bank closed 4.02 per cent up at Rs 25.90 apiece on BSE. KPM ABM ABM

IDFC First Bank raises nearly Rs 2,000 cr via preferential allotment of shares

After Cholamandalam and <keyword id="3377501" type="UNKNOWN" weightage="100" keywordseo="Dilip-Shanghvi-IDFC-Bank-Telenor">Dilip Shanghvi-IDFC Bank-Telenor</keyword> combine, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has become the third entity to have dropped out of the payments bank race. 
 
The firm has cited that the business would take a lot of time to turn profitable because of "aggressive posturing" by deep-pocketed global competitors. 
 
Cholamandalam had quit the race in April, while Dilip Shanghvi-IDFC Bank-Telenor combine announced their decision last Friday. 
 "Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," said Tech Mahindra MD and CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
The Reserve Bank of India had given in-principle approval for payments banks to TechM and 10 others in August 2015. 
 
Gurnani further added that payments bank business always carried the risk of profit margins being "razor thin," but the competition they would face includes the who's who of the telecom world, including the Ambanis, the Birlas, Airtel and Vodafone, among others, thus delaying profitability for a long time. 
 The announcement has come just a day after RBI deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> had said that it was not fair of licencees to abandon their plans to set up payments banks. "We would certainly feel little aggrieved because lot of efforts from the part of RBI go in processing these applications," Mundra has said. 
 
<a href="https://i.ytimg.com/vi/_7G6qYLELes/maxresdefault.jpg">Image source</a>

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

New Delhi, Nov 28 () Online trucking platform BlackBuck on Thursday said it has partnered with private lenders IDFC Bank and Yes Bank to provide FASTags to truck owners free of cost.
Truck owners can order FASTags on BlackBuck's Boss App, a digital services platform exclusively for truck fleet owners, and it will be delivered at their doorstep free of cost until December 31, 2019, the company said in a statement.
"BlackBuck offers free FASTags to truck owners across India. The FASTags on BlackBuck Boss app are provided in partnership with IDFC Bank and Yes Bank. The initiative is expected to help over 3 million trucks in India become FASTag compliant," it said.
Rajesh Yabaji, co-founder BlackBuck, said, the government's decision to make FASTag mandatory is a significant push towards making digital trucking economy a reality.
With this initiative, the company looks forward to support the government's national electronic tolling agenda, which will reduce tolling times and revolutionise the logistics sector in India, he said.
From December 1, 2019 all lanes of free plazas on national highways will be 'FASTag lanes'.
The National Electronic Toll Collection (NETC) programme, the flagship initiative of the Ministry of Road Transport and Highways, has been implemented on a pan-India basis in order to remove bottlenecks and ensure seamless movement of traffic and collection of user fee as per the notified rates, using passive radio frequency identification (RFID) technology. ABI BAL

BlackBuck partners with IDFC Bank, Yes Bank to offer free FASTags to truckers

New Delhi, May 25 () Private sector IDFC First Bank on Monday said its senior management has voluntarily taken pay cut of 10 per cent due to coronavirus pandemic, while the CEO offered to surrender as much as 30 per cent of his salary. The senior management has volunteered to take a 10 per cent cut in compensation in the current financial year 2020-21, IDFC First Bank said in a statement. IDFC FIRST Bank MD &amp; CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said. The Bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees, it added. This is in keeping with the bank's philosophy of honouring its commitments in all circumstances, it said. The bank also paid 100 per cent variable pay to 78.2 per cent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said. Further, the bank said that its staff have voluntarily contributed one day's salary totalling Rs 3.29 crore to the PM CARES Fund. In addition, it contributed Rs 5 crore to the PM CARES Fund as also MD and CEO Vaidyanathan personally contributed Rs 47 lakh towards COVID-19 relief work. In total, Rs 10.86 crore has been contributed towards the COVID Relief related activities so far and a large number of these activities are centred in Maharashtra. Besides, the new age mid-sized lender has also launched a number of COVID relief initiatives that involved its customers and employees. Ask-for-Mask, Gaon-Gaon Mask, Shramik-Sahayata Program, Share-a-meal, Jaankari mein Samajhdari, COVID Warrior-on-Wheels, and Give India Foundation programme are among the bank's COVID relief initiatives. Under these programmes, it has selected women customers and is paying them at commercial rates for producing 3.5 lakh masks. KPM BAL BAL

IDFC First Bank senior management takes 10 pc pay cut

New Delhi, May 1 () Private sector IDFC First Bank will raise Rs 2,000 crore equity capital by issuing shares to its promoter, and four non-promoter entities, including Warburg Pincus and three insurers, the private lender said. Warburg Pincus affiliate Dayside Investment Ltd and insurance firms ICICI Prudential Life Insurance Company, HDFC Life Insurance, and Bajaj Allianz Life Insurance will infuse capital in the lender.The lender in a regulatory filing said that the board of directors in a meeting held on May 1, 2020 approved to issue 86,24,40,704 equity shares on preferential basis for a total amounting to Rs 2,000 crore which to the five entities including its promoter IDFC Financial Holding Company Limited.The promoter will acquire 34,49,76,282 shares and ICICI Prudential Life 25,87,32,212 shares. The rest of three investors will buy 8,62,44,070 shares each.IDFC First Bank said that Dayside Investments Ltd along with Cloverdell Investment Ltd, both Warburg Pincus LLC Group entities, together holds 47,72,64,867 equity shares constituting 9.92 per cent of the pre-issue shareholding and 56,35,08,937 equity shares constituting 9.93 per cent of the post issue shareholding of the bank. The total number of paid up equity shares of the bank will be 567,23,43,720 post the issue, it said. "The networth of the bank post the issue and as added to the networth as of 31st December 2019 will be Rs 17,240 crore," IDFC First Bank said.The lender said that the said preferential allotment shall be subject to approval of the members of the bank proposed to be sought through Postal Ballot by way of 'Remote E-Voting' in terms of the applicable Circulars recently issued by MCA (April 2020) in view of the current extra-ordinary circumstances due to COVID-19 pandemic requiring social distancing and also in accordance with relevant SEBI norms. KPM MRMR

IDFC First Bank to raise Rs 2,000cr capital from promoter, Warburg Pincus, 3 others

<keyword id="6986952" type="COMPANY" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> has launched <keyword id="9304001" type="UNKNOWN" weightage="20" keywordseo="video-kyc-facility">video KYC facility</keyword> so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (<keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword>) process, <keyword id="6361420" type="DOMAIN" weightage="20" keywordseo="IDFC">IDFC</keyword> First Bank said in a release. <div type="Article" hostid="261" msid="75990965" title="How to open a bank savings account using video KYC" mstype="2" mssubtype="0"></div> Customers can start earning 7 per cent interest and maximise their returns on funds held or invested anywhere else, it added. "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank. This is especially relevant in the current times given loss of incomes and low returns offered by most other options, Kumar said. The RBI-sanctioned video-based KYC process for opening of online <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> allows customers to open a full-fledged savings account with no limit on maximum account balance. The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms" data-type="tilCustomLink">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a>

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