The shares of the Financial Services provider gained up to 5 percent after the company announced that the Austria-based company had selected iGCB’s platforms Intellect Digital Core (IDC) and Digital lending to transform its overall banking.
With a market capitalization of Rs 13,475.46 crore, the shares of Intellect Design Arena Ltd were trading at Rs 985.45 per share, increasing around 4.09 percent as compared to the previous closing of Rs 946.70 apiece.
According to the company filing, Intellect Design Arena Ltd reports that VakifBank International AG, a subsidiary of Türkiye Vakiflar Bankasi T.A.O, has chosen iGCB’s Intellect Digital Core (IDC) and Digital lending platforms to enhance its banking operations.
Furthermore, this is iGCB’s second significant core banking transformation agreement announcement in Europe, after its cooperation with a large European bank.
VakifBank International AG, based in Austria and Hungary, plans to use eMACH.ai’s Digital Core and Lending platform to become a top digital bank in the area and internationally.
Intellect Design Arena Ltd. established the world’s first financial institution design center in 2013. With over 270 worldwide BFSI clients and three decades of financial experience, 8,012 financial Design Centers operate in over 75 countries.
Looking into the company’s performance, Intellect Design Arena Ltd’s revenue increased by 16 percent from Rs 547 Crore in Q2FY23 to Rs 634 Crore in Q2FY24. During the same period, net profit increased by 35 percent from Rs 63 crore to Rs 85 crore.
When it comes to revenue from the geographic segment, the company’s revenue in India increased by 16%, from Rs 49.12 crore in FY2021–22 to Rs 57.13 crore in FY2022–23, while revenue from outside of India increased by 20 percent from Rs 138.69 crore in FY2021-22 to Rs 165.98 crore in FY2022-23.
Intellect Design Arena Limited operates internationally in the domains of financial technology for banking, insurance, and other financial services. The organization has a broad array of products in Global Consumer Banking, Central Banking, Risk and Treasury Management, Global Transaction Banking, and Insurance.
Written by:- Abhishek Singh
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