IDFC First Bank board to meet on Feb 18 to consider fund-raising

IDFC-First-Bank

“To participate in strong upcoming growth opportunities that we are seeing”, IDFC First Bank said that its board will meet on February 18, 2021 “to consider and approve the proposal for raising of funds by way of issue of equity shares/ other equity linked securities”.

IDFC First Bank had reported a net profit of ?130 crore for the third quarter ended December 31, 2020.

The bank, which came into existence recently after the merger of IDFC Bank and Capital First, had reported a net loss of ?1,639 crore for October-December period of 2019-20.

Total income during the quarter rose to ?4,711.72 crore from ?4,679.14 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

The bank’s asset quality improved as gross non-performing assets (NPAs) or bad loans reduced to 1.33 per cent of the gross advances as of December 31, 2020 as against 2.83 per cent by the same period a year ago.

Similarly, the net NPAs improved to 0.33 per cent from 1.23 per cent in the third quarter of previous fiscal.

The collections are improving strongly every month since July 2020 and has already reached 98 per cent of pre-COVID collections, IDFC First Bank CEO V Vaidyanathan had said.

During the quarter, the bank made provision of ?595 crore as compared to ?2,305 crore same period of FY2020. This includes additional COVID provisions of ?390 crore during the quarter.

Net Interest Margin (NIM) rose to 4.65 per cent in the quarter from 3.86 per cent in the third quarter of the previous fiscal.

IDFC First Bank shares had hit a 52-week high on Monday, rising 4% to ?54.50.

News Source:- livemint

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