IDFC FIRST Bank | Exclusive News

IDFC FIRST Bank Launches FIRST Wings Start-up Lounge to Empower Indian Start-ups

13Nov

By editor3No Comments

Business News, Feature

IDFC FIRST Bank Launches FIRST Wings Start-up Lounge to Empower Indian Start-ups

Bangalore, November 13, 20224. IDFC FIRST Bank, today announced the launch of startup lounge an exclusive space designed to support entrepreneurs and empower early-stage startups in India. Located in Koramangala, Bangalore, this unique space aims to provide essential resources, mentorship, and networking opportunities for entrepreneurs looking to scale their businesses. On the occasion Mr. Bhavesh Jatania, Head Start-up Banking, IDFC FIRST Bank said, “We are excited to announce the IDFC FIRST Bank Start-up Lounge, a first of its kind initiative by a bank in India. The Start-up Lounge will serve as meeting and collaboration point, providing entrepreneurs a conducive environment to innovate and grow. IDFC FIRST Bank will also partner with leading incubators, accelerators, venture capit...

IDFC First Bank to issue shares worth Rs 3,200 cr via preferential issue

30May

By editor3No Comments

Business News, Feature, National News

IDFC First Bank to issue shares worth Rs 3,200 cr via preferential issue

Jaipur, May 30, 2024. IDFC FIRST Bank has laid a robust foundation with a strong and profitable business model. The Bank is seeing strong traction in raising deposits with customer deposits growing by 42% in FY24 over FY23. The Bank also sees significant upcoming opportunities for loan growth with high asset quality. The overall asset quality of the Bank continues to be good, with GNPA of 1.88% and NNPA of 0.60% as of March 31, 2024. In the retail, rural and sme finance book, the Gross and Net NPA continues to be quite low at 1.38% and 0.44% respectively as of March 31, 2024. The Bank is also well positioned in terms of experience, team, technology, systems, risk management and controls, to take advantage of the growth opportunities in a stable manner. The busine...

IDFC FIRST Bank, LIC Cards and Mastercard Collaborate to Launch a Co-branded Credit Card to Meet the Financial Needs of India

14Dec

By editor3No Comments

Business News, National News

IDFC FIRST Bank, LIC Cards and Mastercard Collaborate to Launch a Co-branded Credit Card to Meet the Financial Needs of India

Mumbai, December 14, 2023. IDFC FIRST Bank, LIC Cards and Mastercard today announced their collaboration to launch an exclusive co-branded credit card to meet the dynamic financial needs of India. Loaded with many exciting benefits such as no joining & annual fees and low interest rates starting from 9% p.a., the new card has been designed to bring value to consumers of varied age groups across the country. Available in two variants - LIC Classic and LIC Select, the credit cards will provide more than 27 crores policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment. It will also come with other benefits, including up to Rs. 50,000 cover for lost card liability and a personal accident insurance cover o...

IDFC FIRST Bank Changes the Credit Card Transaction Game with the Introduction of Digital Credit Cards on the RuPay Platform

7Dec

By editor3No Comments

Business News, Feature, National News

IDFC FIRST Bank Changes the Credit Card Transaction Game with the Introduction of Digital Credit Cards on the RuPay Platform

Mumbai, December 07, 2023. Keeping in sync with its focus on enhancing customer convenience and revolutionizing transactional experiences, IDFC FIRST Bank announces the launch of their IDFC FIRST Bank digital RuPay Credit Card, powered for UPI. This digital card is an addition to customers’ existing IDFC FIRST Bank Credit Cards, and it seamlessly blend the benefits of UPI transactions and core credit card offerings: a game-changing approach to payments. This comes on the back of the launch of the FIRST Power and FIRST Power+ Credit Cards, that IDFC FIRST Bank and HPCL introduced earlier this year on the RuPay network – which can be availed through the IDFC First Bank’s website, and select HPCL pumps. With smart and simple digital onboarding solutions, customers can apply from anyw...

IDFC First Bank Q2 Results: Net profit jumps 35% YoY to Rs 751 crore

31Oct

By editor3No Comments

Business News, Feature, National News

IDFC First Bank Q2 Results: Net profit jumps 35% YoY to Rs 751 crore

Jaipur, October 2023. IDFC First Bank reported a net profit of Rs 751 crore for the quarter ended September 30 which was up 35% year-on-year versus Rs 556 crore reported by the company in the corresponding quarter of the previous financial year. The standalone core operating profit grew 38% YOY from Rs 1,052 crore in Q2FY23 to Rs 1,456 crore for Q2FY24. The net interest income (NII) grew 32% YoY from Rs 3,002 crore in Q2FY23 to Rs 3,950 crore in Q2FY24. The net interest margin was 6.32% in Q2FY24 as compared to 5.83% in Q2FY23 and 6.33% in Q1FY24. The fee and other income grew by 46% YoY from Rs 945 crore in Q2FY23 to Rs 1,376 crore in Q2FY24. The retail fees constitute 93% of the overall fees for the quarter Q2FY24. The consolidated net profit was up over 2% quarter on quar...

IDFC FIRST Bank Q1 FY24 Profit after Tax up 61% YoY at Rs. 765 crore

30Jul

By editor3No Comments

Business News, Feature

IDFC FIRST Bank Q1 FY24 Profit after Tax up 61% YoY at Rs. 765 crore

Mumbai, July 30, 2023. The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter ended June 30, 2023. Profitability Net Profit for Q1-FY24 grew 61% YOY from Rs. 474 crore in Q1-FY23 to Rs. 765 crore in Q1-FY24 driven by strong growth in core operating income. Core Operating Profit (pre provision operating profit excluding trading gains) grew strongly by 45% YOY from Rs. 987 crore in Q1-FY23 to Rs. 1,427 crore for the quarter Q1-FY24. Net Interest Income (NII) grew 36% YOY from Rs. 2,751 crore in Q1-FY23 to Rs. 3,745 crore in Q1- FY24. Net interest Margin (gross of IBPC and selldown) was 6.33% in Q1-FY24 as compared to 5.77% in Q1- FY23 and 6.41% in Q4-FY23 Fee and Other Income grew by 49% YoY from Rs. 899 c...