Tag: IDBI Bank

IDBI Bank Q4 Results: Net profit rises 44% to ₹1,628 crore, NII up 12%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender IDBI Bank’s March quarter standalone net profit stood at ₹1,628.5 crore, up nearly 44% than ₹1,133.4 crore reported in the corresponding quarter of the previous financial year.

Besides, its net interest income (NII) increased by 12.4% to ₹3,687.9 crore in the fourth quarter, as against ₹3,279.6 crore in the same quarter last year.

IDBI Bank’s gross non-performing assets (GNPA) stood at 4.53% as against 4.69% on a quarter-on-quarter basis while net NPA ratio remained unchanged at 0.34%.

The lender’s Provision Coverage Ratio (including Technical Write-Offs) improved to 99.09% in the quarter, compared to 97.94% in the same quarter last year.

IDBI Bank’s total deposits increased to ₹2,77,657 crore as on March 31, 2024, compared to ₹2,55,490 crore as of the same period last year. CASA increased to ₹1,40,027 crore and CASA ratio stood at 50.43%.

The bank’s net advances grew by 16% YoY to ₹1,88,621 crore as on March 31, 2024, as against ₹1,62,568 as on March 31, 2023. The composition of corporate versus retail in gross advances portfolio stood at 30:70 as of March-end.

The board has recommended a dividend of ₹1.50 per equity share of face value of ₹10 each for the financial year 2024.

The dividend on equity shares will be paid on or after the same is approved by the shareholders at the ensuing annual general meeting of the bank.

Shares of IDBI Bank Ltd. settled 1.65% higher at ₹89.60 apiece on the NSE. The stock has risen over 30% in 2024 so far.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Modi government’s unfinished business in the second term

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In February 2021, Finance Minister Nirmala Sitharaman made some ambitious announcements in her budget speech. 

Three years on, some of them like the privatisation of some significant government companies, a development finance bank dedicated to expediting infrastructure projects and, separately, a new asset reconstruction company that would deal with the bad loans in the system, are still among the Modi administration’s probable unfinished business.

There has been limited tangible progress in the centrepiece of the Modi government’s economic idea, the privatisation of government-owned entities. 

In the budget for the financial year ending March 2022, the Finance Minister said two public sector banks and a general insurance company would be sold to private investors. Going into FY25, all three are on the pending list.

The apparent reluctance of the government can also be explained by the persistent financial distress of state-owned general insurers. In such a situation, the government may not be able to extract a good price for its stake from the market.

The market continues to wait for the proposed stake sale by the government in high-profile companies in Container Corporation of India and the privatisation of Shipping Corporation and BEML. 

The government is still committed to selling IDBI Bank to private investors. It’s the only plan from the various disinvestment announcements since 2019 that may still go through, even if slowly and quietly. 

These disinvestments are important to the government for not just funding its welfare schemes but to also help deliver on its promise of “minimum presence, maximum governance” 

However, the lack of grand proclamations or ambitious targets in the FY25 budget is a sign that the government isn’t as gung ho about disinvestment as it used to be three years ago. 

Money for infrastructure

While all the big Indian cities are dug up for the construction of roads, bridges, metro rail networks etc., there are gaps between the target and achievement in a large part of the National Infrastructure Pipeline (NIP).

The National Bank for Financing Infrastructure Development (NaBFID), tasked with funding the NIP, has cut its lending target and eased deadlines.

NaBFID had a lending target of ₹5 lakh crore to be achieved in the 3 years starting 2021. Last month, the government cut the target to ₹3 lakh crore and stretched the deadline to March 2026. 

So far, NaBFID’s sanctions stand at ₹87,000 crore, less than 18% of the original ₹5 lakh crore target. 

 Similarly, the asset monetisation program, which was designed to support the increased spending on infrastructure, has missed crucial targets in recent years. 

 The slower pace of outlays for capital expenditure both at the level of the Centre and state governments probably also reflects the government’s desire for private sector to step in while it saves on precious fiscal resources.

After growing at 25%-30% over the last three years , the pace of central govt capex has slowed down in the current financial year.

First, the government has lowered its capex budget for FY24 by ₹50,000 crore to ₹9.50 lakh crore. The capex for FY25 is estimated at slightly over ₹11 lakh crore, 17% more than the current year’s revised allocation.

The progress in India’s bad bank

The National Asset Reconstruction Company Limited (NARCL) was supposed to be the recycling unit for the unpaid loans in the Indian financial system. 

Its goal was to take over the bad loans and create room for the banks to make better loans to productive enterprises.  The process began late in 2023, spilling over to early 2024 and now, there are questions on its efficacy. 

The initial target was for the bad bank to take over ₹2 lakh crore worth of bad loans by March 2022. The target has been revised to ₹1 lakh crore by March 2024. 

Hope floats that Prime Minister Modi will deliver on at least some of this unfinished business , for whom a third straight term as the next PM is all but given according to the latest opinion polls.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 | Disinvestment: Patchy road before interim budget

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government’s disinvestment agenda, particularly strategic divestment has been missing the budget targets since FY20.

While strategic disinvestment was impacted first by the COVID-19 pandemic-led disruptions, geo-political upheavals and general economic uncertainty from 2022 have had a second-round impact causing major privatisation announcements to gather dust.

While the government did not bring up legislative changes to enable strategic divestment in government-owned banks and an insurance company, the Bharat Petroleum Corporation Limited (BPCL) stake sale was scrapped due to a lack of buyers while the demerger of Bharat Earth Movers Limited (BEML) and Shipping Corporation of India (SCI)’s land entities has taken almost two years, thus delaying the stake sale process. The Container Corporation (CONCOR) divestment was never taken up other than the cabinet approval in 2019 and a lot of smaller privatisations like Pawan Hans and CEL also fell through.

Other than Air India and Neelachal Ispat Nigam Limited (NINL), the government’s privatisation track record doesn’t have much to showcase at the moment.

The government is still working on IDBI Bank privatisation since the RBI approval of ‘fit and proper’ for IDBI Bank’s initial bids is still awaited. The government was hopeful of taking the National Mineral Development Corporation (NMDC)’s Bastar steel plant’s privatisation forward and had got initial bids last year. However, recent media statements of the Home Minister indicate that the plant will not be privatised.

The government’s only recourse is relying on equity markets for offers for sale or IPOs which again have to be calibrated as per market situation, volatility in stocks and investor interest. LIC’s shares are a case in point, with India’s largest insurance company crossing its IPO price of ₹949, only as recently as Tuesday, nearly 20 months after it went public in May 2022.

Government sources suggest that the yearly disinvestment goals should be lowered to a more realistic range of ₹25,000 crore to ₹30,000 crore. This adjustment is attributed to the reduction in government equity in prominent public sector enterprises (CPSEs) over the past 7-8 years and a perceived lack of enthusiasm for privatisation from the political leadership.

With just a day away from the government’s second interim budget, watch this space for more on the revised target for divestment for the current and more importantly, next fiscal.

In the meantime, here’s a look at how disinvestment receipts have fared since FY20 to the current financial:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IDBI Bank Q3 Results | Net profit jumps 57% to ₹1,458 crore with double-digit NII growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender IDBI Bank Ltd on Saturday (January 20) reported a 57.3% year-on-year (YoY) jump in net profit at ₹1,458.2 crore for the third quarter that ended December 31, 2023.

In the corresponding quarter last year, IDBI Bank posted a net profit of ₹927.3 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 17.4%, coming at ₹3,434.5 crore against ₹2,925.3 crore in the corresponding quarter of FY23.

The gross non-performing asset (GNPA) stood at 4.69% in the December quarter against 4.90% in the September quarter. Net NPA came at 0.34% against 39% quarter-on-quarter.

In monetary terms, gross NPA stood at ₹8,589.4 crore against ₹8,645.2 crore quarter-on-quarter, whereas net NPA came at ₹593.4 crore against ₹651 crore quarter-on-quarter.

IDBI Bank’s net advances experienced a significant year-on-year increase of 18%, reaching ₹1,75,001 crore as of December 31, 2023, compared to ₹1,48,384 crore in the same period in 2022.

The composition of the gross advances portfolio reflected a shift, with the corporate-to-retail ratio at 29:71, a change from 33:67 recorded on December 31, 2022. Total deposits also demonstrated growth, rising by 11% year-on-year to ₹2,58,525 crore as of December 31, 2023, from ₹2,32,671 crore on December 31, 2022.

The cost of deposit increased to 4.34% for Q3 of 2024, compared to 3.51% in Q3 of 2023, while the cost of funds stood at 4.60% in Q3 of 2024, up from 3.82% in Q3 of 2023. The cost-to-income ratio was reported at 47.22% for Q3 of 2024.

IDBI Bank’s operating profit demonstrated a notable improvement, registering a 13% increase for Q3 of 2024, totaling ₹2,327 crore compared to ₹2,051 crore in the same quarter of the previous year.

Furthermore, the provision coverage ratio, including Technical Write-Offs, strengthened to 99.17% as of December 31, 2023, reflecting an improvement from 97.98% recorded on December 31, 2022.

The results came after the close of the market hours. Shares of IDBI Bank Ltd ended at ₹79.04, up by ₹9.73, or 14.04% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India may settle for only 58% of its initial divestment target

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian government’s ambitious divestment plan for the fiscal year 2023-24 is facing significant challenges, with sources indicating a possible downsizing of the Budget targets.

The Finance Ministry had set an initial divestment aim of ₹51,000 crore, but progress has been sluggish, with only slightly over ₹10,000 crore achieved so far, according to sources who spoke to CNBC-TV18.

There is no new privatisation pipeline and government stake in several blue-chip Central Public Sector Enterprises (CPSEs) is already close to 51%, further limiting options on minority stake sales as well.

The government is now reportedly contemplating a more modest divestment target, possibly ranging between ₹25,000 and ₹30,000 crore.

With the general elections on the horizon, there is an expectation that divestment activities might gain momentum after the electoral process.

Divestment refers to the process of selling off government-owned assets, typically in the form of shares or equity, in public sector enterprises. The aim is to reduce the government’s stake in these entities, promoting private ownership and introducing market-driven efficiencies.

The FY24 divestment goal hinged on two big targets—NMDC Steel and IDBI Bank. However, both face hurdles.

NMDC’s Nargarnar Steel Plant privatisation hit a roadblock after the Home Minister’s statement that ownership of the Chattisgarh-based plant will not go into private hands.

In the case of IDBI Bank, RBI’s fit & proper clean chit is awaited on the expressions of interest which came in early 2023. Tuhin Kanta Pandey, the secretary of DIPAM, had also expressed doubts about the completion of the government’s disinvestment in IDBI Bank before the end of the current financial year.

Slow movement on BEML (formerly Bharat Earth Movers Limited) and Shipping Corp of India Ltd (SCI) privatisations, too, has made the government’s FY24 divestment target unachievable, with no clear timelines for the transactions. For almost 18 months, the Centre has been tied down on the BEML and SCI demerger-related process of separating the non-core entities and getting them listed after securing clear land titles from a number of state governments.  

Just at current valuations, the government’s 30.8% stake sale in IDBI Bank would have fetched the government almost ₹22,000 crore. While offloading 26% in BEML would have yielded less than ₹3,500 crore. SCI privatisation would have fetched slightly over ₹4,000 crore at the current market capitalisation.

All three key privatisations put together yield less than ₹30,000 crore in divestment receipts at current market value in a single year, probably driving home the challenge of steep disinvestment targets set by North Block. 

Responding to the challenges faced in achieving divestment targets, Minister of State for Finance, Bhagwat Kishanrao Karad, stated in a written reply to Lok Sabha on December 18, “Disinvestment is an ongoing process, and execution of disinvestment transactions depends upon administrative feasibility, market conditions, domestic and global economic outlook, and investor interest.”

The government’s last achievement of its divestment target was in FY19 when the Department of Investment and Public Asset Management (DIPAM) garnered a substantial amount from its Exchange Traded Funds—CPSE & Bharat 22, surpassing the budgetary target of ₹80,000 crore with a mobilisation of ₹84,972 crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FM Nirmala Sitharaman to meet PSB heads on December 30, focus on wilful defaulters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Finance Minister Nirmala Sitharaman will meet the public sector bank heads, including State Bank of India (SBI) and IDBI Bank on Saturday (December 30) in New Delhi.

This is the third such meeting of the finance minister with government-owned banks in 2023, the earlier two meetings being performance reviews, held in March and July respectively.

In the Saturday meeting, the minister is likely to discuss frauds and wilful defaulters in banks, cybersecurity, and also take stock of the bad bank or the National Asset Reconstruction Company (NARCL).

The Reserve Bank of India’s (RBI) latest report on the Trends and Progress of Banking in India shows an over 5 times increase in the number of card and internet-related frauds in the first half of this financial year versus H1 of last fiscal. This is despite a big drop in the overall amounts and type of fraud reported.

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For instance, during the April-September financial year, 2,321 cases of card and internet fraud were reported amounting to ₹87 crore. In the same period this financial year, the number of fraud transactions has jumped to 12,069 while the amount involved has increased to ₹630 crore.

This is despite a drastic decline in the number of total bank frauds reported from ₹17,685 crore in H1 FY23 to ₹2,642 crore in H1 FY24, with the number of fraud cases also having fallen.

While some progress is visible in tackling bank frauds — on wilful defaulters, the needle probably hasn’t moved much as far as outcomes are concerned. The government recently informed Parliament that as of March 31, 2023, a total of 2,623 unique borrowers were classified as wilful defaulters, with aggregate outstanding of ₹1,96,049 crore or ₹1.96 trillion, by scheduled commercial banks.

Scheduled Commercial Banks (SCBs) and All India Financial Institutions report certain credit information of all borrowers having aggregate exposure of ₹5 crore and above to the Central Repository of Information on Large Credits (CRILC).

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Similarly, the FM is also likely to review the progress of the bad bank. Parliament was recently informed that barely ₹12,000 crore worth of bad debt of government-owned banks has been transferred to the NARCL while the recovered amount so far is ₹16 crore.

During 2018-2023 alone, commercial banks wrote off bad loans worth over ₹10.8 trillion, with over half the big non-performing assets (NPAs) emanating from large industries. Along with the IBC, the government is trying to bring the bad bank alive to help recover written-off bad debt.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Who will the Government of India turn to get near the divestment target in FY24?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Government of India (GoI) has managed to raise only ₹8,000 crore via disinvestments in Coal India, Hindustan Aeronautics Ltd, HUDCO, Rail Vikas Nigam, and SJVN (formerly known as Satluj Jal Vidyut Nigam) against its FY24 budgetary target of ₹51,000 crore.

The government last achieved its divestment target in FY19 as DIPAM got a sizeable amount from its marquee Exchange Traded Funds—CPSE & Bharat 22, mobilising ₹84,972 crore against a budgetary target of ₹80,000 crore.

GoI disinvestment target vs achievement

The GoI divestment goal banked on two large targets: NMDC Steel and IDBI Bank. And both of these faced headwinds.

NMDC Steel postponed

The financial bids for the proposed sale of the GoI’s 50.79% stake in NMDC Steel, located in Chhattisgarh, have been postponed until the state assembly elections. The government had initially anticipated a minimum of ₹11,000 crore from this asset and had announced multiple expressions of interest (EoI) for NMDC Steel. The potential bidders included Tata Steel, Jindal Steel and Power, JSW Steel, Adani Group, and even the Vedanta Group for the government’s majority stake.

IDBI Bank hits a hurdle

The GoI has cancelled the invitation process to appoint a divestment asset valuer, and the Centre will call for a fresh request for a proposal for appointing the asset valuer. Hence, the optimism that it gets divested in FY24 has been pushed back.

The GoI held a 45% stake in the lender valued at ₹29,300 crore while state insurer Life Insurance Corporation of India (LIC) holds a 49.24% stake valued at ₹32,100 crore. The two had jointly decided to sell a 60.7% stake in IDBI Bank.

What are the options on the table?

• Hindustan Zinc Ltd (HZL) residual stake awaits clarity from promoter ‘Vedanta’: The key issue for this delay is the possible demerger of HZL and uncertainty on demand owing to volatility in base metal prices. The GoI has a 29.54% stake, which is valued at ₹37,500 crore. Reports have suggested that the GoI has been talking about 5% OFS, which can raise approximately ₹6,400 crore at the current market price.

• Life Insurance Corporation of India: The GoI holds a 96.50% stake but the stock price is 29% away from its IPO price so demand could be subdued. However, even at current prices, the government can raise approximately ₹4,000 crore for every 1%.
• Will the government turn to Coal India?
  The appetite for Coal India has been the highest in many years. The government holds a 63.13% stake, and even after the recent rally, valuations are supportive. At current prices, the government can mop up approximately ₹2,000 crore for every 1%.

What could be the slip on the fiscal deficit front?

GoI could miss on its divestment targets, but a higher dividend payout could cushion the impact on the fiscal deficit front.

However, a lower nominal gross domestic product (GDP) growth of approximately 8–9% against the budgeted 10.5% could result in lower revenue receipts owing to lower direct and indirect tax collections.

Another risk could be that the revenue expenditure could be higher than anticipated in the run-up to the state assembly and general elections.

DAM Capital assumes disinvestments of ₹20,000–25,000 crore, which would result in fiscal slippage by around 10 basis points (bps).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bank Recruitment 2023: 2,100 vacancies in IDBI Bank to 8,773 clerical posts in SBI; check upcoming bank exams

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The candidates preparing for the public and private sector bank jobs should keep a watch on the upcoming recruitment exams in November and December. Many top public and private lenders, including the State Bank of India and IDBI Bank, are going to recruit candidates for more than 10,000 vacant posts.

While IDBI is beginning the registration process for recruitment of Junior Assistant Manager, and Executive Sales and Operations, the State Bank of India has notified 8,773 vacancies for SBI clerk posts.

Similarly, UCO Bank has also announced a vacant seat for the post of Consultant for the Information Technology Department. State Bank of India has recently released the result of the SBI PO Prelims exam, while the SBI PO Mains exam will be held next month.

The candidates aiming to apply for these upcoming bank jobs can check out the list below for details:

IDBI Bank (2,100 vacant posts)

The Industrial Development Bank of India (IDBI) Bank has started the registration process for recruiting candidates for 800 Junior Assistant Manager (JAM) grade ‘O’ positions and 1,300 vacancies for the Executive Sale and Operations (ESO).

As per the official notification, the registration for the vacant posts started today, November 22 and it will continue until December 6. However, the exam date is yet to be notified by the bank.

State Bank of India (8,773 Clerk posts)

Recently, the State Bank of India released the notification for the SBI Clerk recruitment and the online application process started on November 17. The window for registration will be closing on December 7.

As per the official notification, the examination will be held to select candidates for a total vacancy of 8,773 seats. Although the dates of the Prelim and Mains exams are yet to be announced, the applicants can expect the exam to be held January-February, 2024.

UCO Bank (1 vacant post)

As per the official notification of UCO Bank, there is an opening for a post of Consultant in the Information Technology Department. As mentioned in the notice, the candidates applying for the post are required to have a postgraduate degree in IT, computer science, statistics or information systems.

State Bank of India (2,000 SBI PO vacancies)

The State Bank of India released the result of the SBI Probationary Officer Prelims exam on November 21. The SBI PO Mains exam has been scheduled for December 5.

According to the official notification, there is a total vacancy of 2,000 posts for Probationary Officers at SBI branches across the country.

State Bank of India (439 vacant SO seats)

As per the official release by the State Bank of India, there are 439 vacant posts of the Special Cadre Officers in different branches. The Special cadre vacancies include Assistant Manager, Assistant General Manager, Manager, Deputy Manager, Chief Manager, Product Manager and Senior Product Manager posts.

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The exam dates are yet to be announced; however, the exam can be expected in December 2023 or January 2024.

Bank of Maharashtra (100 vacant CO posts)

The Bank of Maharashtra closed the application process for the post of Credit Officer on November 6. However, the date for the Bank of Maharashtra CO exam is yet to be out. According to the official release, the recruitment process aims to recruit employees for 100 vacancies of Credit Officer Scale II and III posts.

Reserve Bank of India (450 vacant Assistant posts)

The Reserve Bank of India is going to conduct the selection process for recruiting candidates for the RBI Assistant posts. There is a total of 450 vacancies. As per the recent release, the RBI conducted the preliminary round on November 18 and 19. However, the main exam for the same is going to take place on December 31.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India cancels bid process to hire valuer for IDBI Bank sale

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian government has cancelled the bidding process to hire an asset valuer for its planned IDBI Bank share sale, according to a statement.

The government will invite fresh bids to select a valuer for its stake in the lender, said a statement from the Department of Investment and Public Asset Management on Tuesday. The government gave no reason for the move.

India is looking to offload its 30.48% stake in IDBI Bank, while Life Insurance Corp (LIC) of India will sell a 30.24% shareholding. Presently, the Indian government and LIC collectively own about 95% of IDBI Bank.

Also Read: Tata Motors commences sales of commercial vehicles in Thailand

The government had invited bids to appoint a valuer on September 1, and last month relaxed the criteria to appoint such intermediaries after the conditions were found to be stringent.

The Indian government is not expecting to conclude the sale of IDBI Bank by the end of the current financial year on March 31, 2024, Tuhin Kanta Pandey, secretary of the Department of Investment and Public Asset Management told reporters last week.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IDBI Bank Q2 Results | Net profit up 60% to ₹1,323 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Stat-owned IDBI Bank on Saturday (October 21) reported a 60% year-on-year (YoY) jump in net profit at ₹1,323 crore for the second quarter that ended September 30, 2023, on the back of a fall in bad loans.

The private sector lender controlled by India’s largest insurer LIC had posted a net profit of Rs 828 crore in the year-ago period.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 12%, coming at ₹ 3,066.5 crore against ₹2,738.1 crore in the corresponding quarter of FY23.

The gross non-performing assets (NPA) ratio showed a sequential improvement, declining to 4.9 percent from the 5.05 percent reported in the June 2023 quarter. The net NPA also showed improvement, decreasing to 0.39 percent in Q2FY24 from the 0.44 percent recorded in the preceding quarter.

Also read: Yes Bank Q2 results: Net profit rises over 47% to ₹225.2 crore

Total income for the second quarter stood at ₹6,924.2 crore, marking a 14 percent increase compared to the ₹6,065.5 crore reported in the same period the previous year. However, it’s important to note that the total income was 10 percent lower in comparison to the ₹7,712 crore reported in the first quarter of the current fiscal.

During the quarter, the bank’s operating expenses totaled ₹1,884.2 crore, reflecting a 16 percent increase from ₹1,617.70 crore reported in Q2FY23. These expenses were also 3 percent higher than the ₹1,830.83 crore recorded in the June 2023 quarter.

The results further indicated that the lender’s annualized net interest margin for the September 2023 quarter was 4.33 percent, as compared to 5.80 percent in Q1FY24 and 4.37 percent in Q2FY23.

In the most recent market session on October 20, IDBI Bank‘s shares closed at ₹67 apiece on the BSE, representing a 2.33 percent decrease from the previous day’s closing price.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow