According to LIC’s filings, the number of preference shares has been increased from 1.42 crore to 20 crore shares, which represents 0.20 per cent of the pre-issue paid-up capital to 2.68 per cent of the post-issue paid-up capital.
The announcement came after the close of trading hours as IDFC First Bank’s share price closed at Rs 81.19 on the BSE on Thursday, up Rs 0.32 or 0.40 percent, while LIC shares closed at Rs 1,010.05, up Rs 22.25 or 2.25 percent from Wednesday’s closing price.
IDFC First Bank has lagged the market over the past 12 months, returning nearly 3% during that period. The bank’s shares are down 8% this year. The stock is down 24% from its 52-week high of Rs 100.74.
IDFC First Bank reported a net profit of Rs 7,243.5 crore for the quarter ended March 31, down from Rs 8,026.2 crore in the same period last year. Interest income for the January-March quarter was reported at Rs 8,219.21 crore, up from Rs 6,424.35 crore in the same period last year; up 28 per cent year-on-year. Interest paid for the three months ended March 31, 2024 was Rs 3,750.34 crore, up from Rs 2,827.60 crore reported in Q4FY23; up 32.63 per cent. The bank’s total deposits grew 38.7 per cent year-on-year to Rs 2,00,576 crore as on March 31, 2024 from Rs 1,44,637 crore as on March 31, 2023. Customer deposits grew 41.6% YoY from Rs. 1,36,812 crore as on March 31, 2023 to Rs. 1,93,753 crore as on March 31, 2024, while CASA deposits grew 31.7% YoY from Rs. 71,983 crore as on March 31, 2023 to Rs. 94,768 crore as on March 31, 2024.
As of March 31, 2024, the CASA ratio was 47.2%.
