Page 3 - Idbi Bank

IDBI Bank Q2 results: Net profit jumps 60% to Rs 1,323 cr on declining NPAs

IDBI Bank on Saturday reported a 60 per cent rise in net profit to Rs 1,323 crore for the second quarter ended September 30 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. The total income in the September quarter increased to Rs 6,924 crore over Rs 6,066 crore a year ago, IDBI Bank said in a regulatory filing. The interest income grew to Rs 6,035 crore during the period under review from Rs 4,978 crore in the corresponding quarter a year ago. The bank's asset quality improved significantly with its gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2023, against 16.51 per cent at the end of September 2022. Its net NPAs fell to 0.39 per cent as compared to 1.15 per cent in the same quarter a year ago. The bank's Capital Adequacy Ratio increased to 21.26 per cent from 19.48 per cent at the end of the same quart

IDBI Bank has deferred tax assets of Rs 11,520 cr, 120 properties: Govt

The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad. The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around Rs 11,520 crore, DIPAM said. Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues. DIPAM further said the asset valuer shall further identify intangibles not on the IDBI Bank balance sheet like brand name, branch network and value them. The Terms of Reference for asset valuer

Zee-Sony case: NCLAT defers hearing over IDBI, Axis Finance plea to Oct 31

The NCLAT on Friday adjourned the hearing to October 31 on pleas filed by IDBI Bank and Axis Finance against the merger of Zee Entertainment Enterprise with Culver Max Entertainment, formerly Sony Pictures Networks India. The National Company Law Appellate Tribunal (NCLAT) did not issue notice over the petitions filed by the private lender and the non-banking financial company (NBFC). However, it said that Zee Entertainment Enterprise Ltd (ZEEL) may file a response to both petitions, if needed. Both have challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT) to approve the merger. Earlier, the NCLT on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. While approving the merger, the NCLT in its order, dismissed some applications moved by financial institutions opposing the move, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax ...

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Stocks to watch on October 13, 2023: Infosys has lowered its FY24 constant currency revenue growth guidance for a second time to 1.0-2.5 per cent from 1-3.5 per cent earlier

RBI likely to complete vetting bidders for IDBI Bank by October-end

The RBI normally takes about 12-18 months to complete the assessment before allowing an entity to run a bank

Maruti Suzuki signs MoU with IDBI to provide dealer financing solutions

The country's largest car maker Maruti Suzuki India has signed an initial pact with IDBI Bank to offer financing solutions for dealers. The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday. A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard. "We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country," Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said. Dealer partners are the backbone of the company's business and the automaker is committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market, he added. "IDBI Bank's supply chain finance will provide easy access to working capital finance to the dealers of

FPI inflows into domestic debt market down to trickle in September

Net inflows in 2023 highest in six years

IDBI Bank extends festive offer on special FD scheme, get 7.7% interest

It has extended these special fixed deposit deadlines to October 31 from the earlier September 30 deadline.

NCLAT dismisses IDBI plea for insolvency against Cyquator Media Services

The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed the petition of IDBI Trusteeship Services challenging the order of NCLT which had denied starting insolvency proceedings against Essel group firm Cyquator Media Services. A two-member bench of the appellate tribunal observed that the default, claimed by IDBI Trusteeship, had happened during June 2020, which is covered under the period excluded under Section 10A of the Insolvency and Bankruptcy Code, 2016. Section 10A bars absolutely and forever, the filing of any application under Sections 7, 9 and 10 of the Code, for defaults committed on or after March 25, 2020 up to March 25, 2021. No application for initiation of the corporate insolvency resolution process can be filed in respect of any default that has occurred on or after March 25, 2020 till September 24, 2020, which was subsequently extended till March 25, 2021 by the government through a notification dated December 22, 2022. In June this year, the Mum

IDBI Trusteeship files insolvency plea against Coffee Day Enterprises

IDBI Trusteeship Services has filed an insolvency petition with the NCLT's Bengaluru bench against Coffee Day Enterprises Ltd (CDEL), claiming dues of Rs 228.45 crore. The company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter, CDEL said in a regulatory filing on Friday. "An application has been filed against the Company under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2019 by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228.45 crore," said CDEL. Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a financial creditor can get insolvency proceedings initiated against the corporate debtor concerned. Last month, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) stayed the order of the NCLT to initiate insolvency proceedings against Coffee Day Global

IDBI Bank files appeal against NCLT's approval of Zee-Sony merger

Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country. According to a regulatory filing by ZEEL, it "has been served with an appeal on behalf of IDBI Bank Ltd against the Company before the NCLAT, Delhi, challenging the order dated August 10, 2023, passed by NCLT, Mumbai Bench, approving the composite scheme of arrangement amongst ZEEL, Bangla Entertainment Private Limited and Culver Max Entertainment". The NCLT had dismissed the objections raised by several lenders of ZEEL, including IDBI Trusteeship, IDBI Bank, Axis Finance, JC Flowers Asset Reconstruction Co and Imax

IDBI Bank surges 16% in 2 days as govt invites bids to appoint asset valuer

The government along with the Life Insurance Corporation of India (LIC) is selling nearly 61 per cent stake in IDBI Bank and has received multiple Expressions of Interest (EoI) for the same

Government invites bids to engage asset valuer for IDBI Bank sale

The asset valuer would be required to value IDBI Bank's investments; loans & advances; fixed assets and other assets

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Stocks to watch on September 4, 2023: The government has invited bids to appoint an asset valuer for its stake sale in IDBI Bank

Early bond recall: Notify each holder

The National Commission ruled that public notices weren't sufficient. To avoid liability, the bank must send individual notifications and produce proof of having served them

Govt invites bids for asset valuer for IDBI Bank to sell majority stake

The Indian government has invited bids to appoint an asset valuer for IDBI Bank as it seeks to sell a majority stake of the lender

NCLAT agrees to hear IDBI Bank's appeal against ZEEL on August 31

In May 2023, the NCLT's Mumbai bench refused to entertain the IDBI's plea, stating that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC)

Employees' union stages protest against privatisation of IDBI bank

Drawing attention to the problems, Nagarajan added that the move to lower the stake in the bank will affect the financial inclusion programme of the government

Top headlines: MoS IT meets laptop makers, delays likely in IDBI stake sale

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Procedural delays likely in IDBI Bank stake sale; bids expected in Q3

Financial bids constitute the second significant step in the disinvestment process, following expressions of interest (EoIs) from potential bidders