The Reserve Bank of India approved ICICI Prudential Asset Management Company Ltd’s acquisition of up to 9.95 percent stakes in Federal Bank, IDFC First Bank, RBL Bank, IndusInd Bank, and Equitas Small Finance Bank on Thursday.
Federal Bank Ltd
The Federal Bank Limited was established in 1931 as Travancore Federal Bank Limited. It offers retail and corporate banking, para banking services such as debit cards and third-party product distribution, as well as treasury and foreign exchange trading.
ICICI Prudential Life Insurance Company Limited already holds 4.6 crore equity shares which is 1.93 percent in the federal bank still to date.
On Friday, the Federal Bank share price closed 0.61 percent up to Rs 156.45 per share from its previous close of Rs 155.50 per share with a market capitalization of Rs 38,100 Crores.
According to the bank, their net revenue increased by 36 percent year on year, from Rs 4,259 crores in Q2FY23 to Rs 5,791 crores in Q2FY24. Furthermore, net profit increased by 35 percent year on year, from Rs 745 crores in Q2FY23 to Rs 1,007 crores in Q2FY24.
IDFC First Bank Ltd
IDFC First Bank is in the Banking Services business. IDFC FIRST Bank was formed on December 18, 2018, by the merger of Erstwhile IDFC Bank and Erstwhile Capital First.
ICICI Prudential Life Insurance Company Limited holds 9.8 crore which is 1.39 percent in the IDFC First Bank Ltd still to date.
On Friday, the share price of the bank closed at 0.11 percent up to Rs 88.80 per share from its previous close of Rs 88.70 per share with a market capitalization of Rs 62,800 crores
Looking at the company’s financial statements, net revenues rose 34 percent from Rs 5,470 crore in Q2FY23 to Rs 7,356 crore in Q2FY24, Furthermore, net profit increased 31 percent from Rs 567 crore to a net profit of Rs 747 crore during the same period.
RBL Bank Ltd
RBL Bank is a financial institution that provides a wide range of banking and financial services, including wholesale banking, retail banking, treasury operations, and other banking-related activities.
ICICI Prudential Life Insurance Company Limited already owns 1.92 crore equity shares or 3.2 percent of RBL Bank Ltd.
The RBL bank share price closed 3.85 percent up to Rs 279.25 per share from its previous close of Rs 268.90 per share with a market capitalization of Rs 16,820 Crores on Friday.
According to the bank, their net revenue increased by 31.5 percent year on year, from Rs 2,286 crores in Q2FY23 to Rs 3,008 crores in Q2FY24. Furthermore, net profit increased by 45 percent year on year, from Rs 202 crores in Q2FY23 to Rs 294 crores in Q2FY24.
Equitas Small Finance Bank Ltd
Equitas Small Finance Bank Ltd operated as a wholly-owned subsidiary of Equitas Holding Ltd before obtaining a small bank license. Its services include retail banking with a focus on microfinance, commercial vehicle finance, home finance, loan against property, corporate finance, and financing solutions for individuals and micro and small businesses (MSEs).
To date, ICICI Prudential Life Insurance Company Limited has held 2.82 crore equity shares, or 2.52 percent, of Equitas Small Finance Bank Ltd.
The Equitas Small Finance Bank Ltd share price closed 1.45 percent down to Rs 105.20 per share from its previous close of Rs 106.75 with a market capitalization of Rs 11,900 Crores.
Looking at the company’s financial statements, net revenues rose 35 percent from Rs 1,002 crore in Q2FY23 to Rs 1,359 crore in Q2FY24, Furthermore, net profit increased 70 percent from Rs 116 crore to a net profit of Rs 198 crore during the same period.
IndusInd Bank Ltd
IndusInd Bank Limited was established in 1994 as a commercial bank under the Banking Regulation Act of 1949. The bank is publicly traded and offers a wide range of banking products and financial services to corporate and retail clients, as well as treasury services.
ICICI Prudential Life Insurance Company Limited already holds 90 lakh equity shares which is 1.26 percent in the Equitas Small Finance Bank Ltd still to the date.
On Friday, IndusInd Bank Ltd’s share price closed 1.45 percent down to Rs 1,595.90 per share from its previous close of Rs 1610.55 with a market capitalization of Rs 1,24,000 Crores.
According to the bank, their net revenue increased by 29 percent year on year, from Rs 8,708 crores in Q2FY23 to Rs 11,248 crores in Q2FY24. Furthermore, net profit increased by 22 percent year on year, from Rs 1,787 crores in Q2FY23 to Rs 2,181 crores in Q2FY24.
Written by Sriram KV
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
