Banking

Private sector lender Federal Bank has reported an impressive 45.1 per cent year-on-year surge in net profit, reaching a record-breaking ₹1,386 crore for the July-September quarter of fiscal year 2026-27 (Q2FY27), propelled by robust net interest income growth, higher fee generation, and a remarkable enhancement in overall asset quality. Net interest income experienced a substantial 26.4 per cent year-on-year increase to reach ₹3,153.4 crore, while other income expanded by 37.7 per cent to ₹1,490.4 crore, bolstered by a 31.9 per cent rise in fee income to ₹1,167.7 crore, and net interest margin expanded by 26 basis points to 3.32 per cent, reinforcing the guidance provided by MD and CEO K V S Manian regarding consistent margin improvements. Asset quality indicators demonstrated phenomenal...

Two veteran financial sector executives with over three decades of robust experience, Anup Bagchi and Anup Kumar Saha, are set to assume leadership positions at two of India's premier private sector lenders following formal approvals from the Reserve Bank of India. Anup Bagchi, currently managing director and CEO of ICICI Prudential Life Insurance, will officially take charge as the managing director and CEO of HDFC Bank on October 27, 2026, serving a three-year term that successfully resolves leadership succession following Sashidhar Jagdishan's decision not to seek reappointment. Simultaneously, Kotak Mahindra Bank announced that Anup Kumar Saha will step up as its next managing director and CEO starting January 1, 2027, also for a three-year tenure, succeeding Ashok Vaswani, who chose ...

Shares of IDBI Bank fell 10.56 per cent to close at Rs 81.12 on Tuesday, with investors focusing on the reported price at which Canada-based Fairfax Financial Holdings could acquire a controlling stake in the lender. The stock had closed at Rs 90.70 on Monday, while the reported Fairfax offer of around Rs 81 per share emerged as a key concern for investors. The sharp decline came even as the broader market also ended lower amid rising crude oil prices and geopolitical concerns. Analysts said there was no specific company-related development behind the fall, but noted that IDBI Bank has relatively low public float, with about 95 per cent of its shares held jointly by the Government of India and Life Insurance Corporation of India (LIC). The stock has also historically shown high volatility...

Bank of Baroda is considering raising funds through a dollar-denominated bond issue, encouraged by strong investor demand for State Bank of India’s recent foreign-currency debt sale, according to banking sources. India’s second-largest state-run lender by assets is planning a dual-tranche bond issue with maturities of three and five years and has provided initial pricing guidance. The bank is offering a spread of 120 basis points over US Treasuries for the three-year tranche and 130 basis points for the five-year tranche. Bankers said Bank of Baroda could target around $500 million through each maturity, although the final allocation could change depending on pricing and investor demand. The proposed bonds will be issued through the bank’s International Financial Services Centre Banking U...

State-owned Bank of Baroda (BoB) reported a sharp 72% year-on-year decline in net profit for the first quarter of FY2026-27, with earnings falling to ₹1,278 crore. The steep drop was primarily due to a one-time provision of $600 million (around ₹5,700 crore) made to settle a long-running legal dispute related to the collapse of UAE-based NMC Health. The bank said the settlement fully resolves all litigation with the joint administrators of NMC Health, NMC Healthcare Ltd, and NMC Holding Ltd. Excluding the one-time settlement cost, Bank of Baroda’s net profit for the quarter would have stood at ₹5,528 crore, reflecting the strength of its underlying business. The bank had posted a net profit of ₹5,616 crore in the previous quarter and ₹4,541 crore in the corresponding quarter last year....

NLC India Renewables Limited (NIRL), a subsidiary of state-owned NLC India Limited, has appointed four leading investment banks as Book Running Lead Managers (BRLMs) for its proposed Initial Public Offering (IPO). The selected institutions are SBI Capital Markets, HDFC Bank, IIFL Capital Services and IDBI Capital Markets & Securities. According to the company, the appointments were made through a structured and competitive selection process approved by the board. The proposed IPO is aimed at strengthening NIRL's capital base, supporting its long-term growth strategy and accelerating investments in renewable energy projects. The company said the public offering will also facilitate the listing of its equity shares on recognised stock exchanges in India, subject to regulatory appr...