Page 2 - Idbi Bank

IDBI Bank gets Rs 2.97 crore GST demand order from Dehradun officials

IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC). In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC. The order includes a tax demand of Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively. "The bank is evaluating appropriate legal remedy, including appeal, as per law," IDBI Bank said. Shares of IDBI Bank were trading at Rs 85.41, down 3.82 per cent over previous close on the BSE.

IDBI Bank Q4 results: Net profit jumps 44% to Rs 1,628 cr, NII rises 12%

Private sector lender IDBI Bank on Saturday reported a 44 per cent jump in net profit at Rs 1,628 crore in the March quarter of financial year 2023-24. In comparison, the bank had posted a net profit of Rs 1,133 crore in the year-ago period. Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23. For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore. Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23. Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23. Net non-performing assets (NPA) ratio improved to 0.34 per cent as on March 31, 2024, as against 0.92 per cent as on March 31, 2023. The board of IDBI Bank has proposed a dividend of 15 per cent subject to shareholders'

Canada-based firm Fairfax offers all-cash deal to acquire IDBI Bank

IDBI Bank's disinvestment process began in October 2022, with LIC and the government selling their respective shares of 30.24% and 30.48%

IDBI Bank is offering 7.5% interest on FDs with a 300-day tenor

The Utsav Callable FD scheme is valid up to March 31, 2024.

Govt to complete IDBI Bank strategic sale in FY25: Dipam Secy Pandey

The government expects to complete the strategic sale of IDBI Bank in the next financial year, a senior official said. In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said the process of privatisation of IDBI Bank is on and once the regulator clearance is obtained, financial bids will be invited. Asked if the strategic sale would be completed in the next fiscal, Pandey said "Yes, of course". The government along with LIC is selling nearly 61 per cent stake in IDBI Bank and had in October 2022, invited bids from buyers. In January 2023, DIPAM said it had received multiple Expressions of Interest (EoI) for buying a stake in IDBI Bank. The bidders who have shown interest through EoI have to get two sets of clearances -- one from the home ministry for security clearance and the other from the Reserve Bank of India (RBI) for meeting the 'fit and proper' criteria.

South Indian, IDBI Bank gain up to 14%; hit multi-yr highs post Q3 results

IDBI Bank surged 14% to hit over five-year high of Rs 86.97; while South Indian Bank hit a fresh six-year high of Rs 33.70 on soaring 9% backed by heavy volumes.

IDBI Bank Q3 net profit jumps 57% to Rs 1,458 cr on better interest income

IDBI Bank on Saturday reported a 57 per cent growth in net profit to Rs 1,458 crore in the third quarter ended December 31, on lower provisioning and better interest income. The LIC-controlled bank had a net profit of Rs 927 crore in the October-December quarter of 2022. The bank's interest income improved during the third quarter of the current fiscal to Rs 6,541 crore, as against Rs 5,231 crore in the same period last fiscal. The gross non-performing asset (NPA) ratio improved to 4.69 per cent as on December 31, 2023, as against 13.82 per cent as on December 31, 2022. Similarly, the net NPA also declined to 0.34 per cent, as compared to 1.08 per cent at the end of December 2022. As a result provisioning and contingencies came down to Rs 320 crore in the December quarter, from Rs 784 crore in the same quarter of the last fiscal. Provision Coverage Ratio (including Technical Write-Offs) stood at 99.17 per cent as on December 31, 2023. During the quarter Capital Adequacy Ratio of

Zee Entertainment seeks deadline extension for finalising Sony merger deal

While the merger between the two companies received the requisite approvals, differences cropped up over who would helm as the chief executive officer of the merged entity

NCLAT refuses to stay Zee-Sony merger, case to be heard on January 8

Tribunal agrees to hear appeal against it on Jan 8

NCLAT refuses to stay Zee-Sony merger, case now to be heard in January

IDBI Bank and Axis Finance had challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT), which approved the Zee-Sony merger

Supreme Court agrees to hear bankruptcy plea against Zee founder

IDBI Trusteeship is the debenture trustee of 425 debentures worth Rs 425 crore issued by Essel Infraprojects Limited (EIL)

Govt invites fresh bids from asset valuers of sale-bound IDBI Bank

The government on Wednesday issued a fresh RFP for the appointment of asset valuer for strategic sale-bound IDBI Bank. The last date for submitting bids by asset valuer is January 5, the Department of Investment and Public Asset Management (DIPAM) said while floating the Request For Proposal (RFP). The DIPAM had last week cancelled the bid process for the appointment of an asset valuer for IDBI Bank on low bidder interest. A fresh RFP would be invited soon after a review of some of the bid criteria to enable better interest from bidders, an official had said. The asset valuer has to be registered either with the Insolvency and Bankruptcy Board of India, or Sebi, or the Institute of Chartered Accountants of India (ICAI). The bidder is required to have an annual turnover of over Rs 1 crore in the previous three fiscal years.

Govt cancels IDBI Bank asset valuer appointing bid, fresh RFP to be issued

The government on Tuesday cancelled the bid process for the appointment of an asset valuer for strategic sale-bound IDBI Bank on low bidder interest. A fresh Request For Proposal (RFP) would be invited soon after a review of some of the bid criteria to enable better interest from bidders. "It has been decided with the approval of the competent authority to cancel the present RFP and to issue a fresh RFP for selection of an asset valuer for strategic disinvestment of IDBI Bank Ltd," DIPAM said in a corrigendum. "We had only a single bid. A fresh RFP will be issued soon after we review some of the criteria to enable better interest from bidders," a government official said. The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank and in January received multiple Expressions of Interest (EoIs) for the same. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last week said the IDBI Bank strategic sale transaction is "o

Stocks to Watch today, Nov 17: Delhivery, IDBI Bank, TVS Motor, Oil-linked

Stocks to Watch on Friday, November 17, 2023: SoftBank may offload around 31 million, or 4 per cent stake, in Delhivery for $150 million

IDBI Bank stake sale may not be completed by March 2024: Govt official

The stake sale in IDBI Bank may not be completed by March 2024, a senior government official said on Thursday. Department of Investment and Public Asset Monetisation (DIPAM) Secretary Tuhin Kanta Pandey said the transaction is "on course" but there are aspects like the RBI's fit and proper criteria which need to be complied with. "We practically don't think that before March, we can conclude it (IDBI Bank stake sale)," Pandey told reporters on the sidelines of an event organised by industry grouping Ficci here. He was answering a question on whether the department will be able to achieve the target of raising Rs 51,000 crore from disinvestments this fiscal. The government, which owns over 45 per cent stake in IDBI Bank, and life insurance behemoth LIC, which has a 49.24 per cent shareholding, have jointly decided to sell 60.7 per cent stake in the lender. Pandey said that achievement of the divestment target is contingent upon important transactions like the one involving sale of

Govt may disinvest 5-10% in select PSBs to realise share market gains

As things stand, the govt has over 80% ownership in six banks: Bank of India, Indian Overseas Bank, Punjab & Sind Bank, Bank of Maharashtra, Central Bank of India, and Uco Bank

Centre may moderate FY25 disinvestment target amid limited asset sales

The FY24 Budget Estimate of Rs 51,000 cr expected to be halved

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

Tax deadlines to special FDs: 5 important financial dates in November 2023

One of the major requisites for pensioners post their retirement is to provide life certificates to the authorised pension disbursing agencies like Banks, Post offices etc.

Stocks to Watch today: ICICI Bank, Hudco, NDTV, ABFRL, Samvardhan, Paytm

Stocks to Watch on Monday, October 23, 2023: Paytm said its revenue increased 32 per cent YoY to Rs 2,519 crore in the second quarter, with its consolidated net loss narrowing to Rs 291 crore