INDIANB

March 20 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - APPROVES RAISING ADDITIONAL INFRASTRUCTURE BONDS UP TO 50 BILLION RUPEES

Source text: ID:nBSEKX3m7

Further company coverage: INBA.NS

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March 14 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - BOARD TO MEET ON MARCH 20 TO CONSIDER FUND RAISING PLAN

Source text: ID:nBSE4J3VVl

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Feb 19 (Reuters) - Indian Bank INBA.NS:

• INDIA ENFORCEMENT DIRECTORATE RESTORES IMMOVABLE PROPERTIES WORTH 2.35 BILLION RUPEES TO INDIAN BANK

• INDIA'S ED RESTORES IMMOVABLE PROPERTIES TO INDIAN BANK REGARDING MONEY LAUNDERING CASE OF SARAVANA STORES

Source text: [ID:]

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Jan 29 (Reuters) - Indian Bank INBA.NS:

• Q3 NET PROFIT 28.52 BILLION RUPEES

• Q3 GROSS NPA 3.26%

• Q3 INTEREST EARNED 157.59 BILLION RUPEES

• Q3 PROVISIONS AND CONTINGENCIES 10.59 BILLION RUPEES

Further company coverage: INBA.NS

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By Siddhi Nayak

MUMBAI, Jan 20 (Reuters) - The stock prices of Indian private lenders that have reported an increase in bad loans in their personal loans and micro-credit businesses are bearing the brunt of investors' fears of a U-turn in the asset-quality cycle for the country's banks.

RBL Bank's shares RATB.NS fell as much as 5.8% on Monday after the lender reported a near 28% sequential jump in quarterly slippages, or loans that were classified as non-performing for the first time.

Axis Bank AXBK.NS, India's third-largest private bank, forecast retail asset quality would take a few more quarters to normalise. Its stock sank 4.5% on Friday and dropped a further 1.1% on Monday.

Kotak Mahindra Bank KTKM.NS, however, gained 9% after reporting lower slippages than the previous quarter, although it also warned that the stress in parts of its loan book would persist.

Indian banks are grappling with rising bad loans, particularly in sectors such as microfinance, credit cards and personal loans. Analysts have attributed this to over-leveraging and an increase in loans outstanding per borrower.

The rise in delinquencies has forced lenders to allocate more funds for potential losses and pare back loan growth in these segments, which, in turn, hurts profitability.

"The sign of stress that is visible across microfinance and unsecured loans is a mild symptom of a tougher macro environment," said Kranthi Bathini, director of equity strategy at Wealthmills Securities.

"That is largely because banks are conservative towards loan growth, which coupled with tighter liquidity conditions, could mean that an economic recovery could be prolonged."

RBL Bank -- over 50% of whose slippages came from credit cards and microfinance loans -- should start seeing a normalisation in asset quality in the unsecured segment latest by July-September, CEO R Subramaniakumar said on a post-earnings call.

Kotak's gross non-performing assets ratio worsened slightly at the end of December and the lender said it would be cautious about unsecured loans going forward.

The stress "will take a couple of quarters to normalise," starting only from April-June, CEO Ashok Vaswani said at a media conference on Saturday.

Banks' gross NPA (non-performing asset) ratio could rise to 3% by the end of March 2026, from a 12-year low of 2.6% last September, the central bank said in its Financial Stability Report in December.

(Reporting by Siddhi Nayak; Editing by Savio D'Souza)

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Jan 1 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - SHANTI LAL JAIN HAS CEASED TO BE MD, CEO

Source text: ID:nNSE4HGynJ

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Dec 23 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - CENTRAL BANK OF SRI LANKA IMPOSES LKR 2 MILLION PENALTY ON INDIAN BANK

• INDIAN BANK - PENALTY FOR FAILURE TO CONFORM TO FTRA PROVISIONS

Source text: ID:nNSE8tgYlw

Further company coverage: INBA.NS

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Dec 3 (Reuters) - ** India's index of state-owned banks .NIFTYPSU rises 2.3%, topping sectoral gainers

** BofA Securities reiterates "buy" on Bank of Baroda BOB.NS and Union Bank UNBK.NS; BOB rises 3%, UNBK up 4%, leading gains in the sub-index

** The relative valuations in India's banks, especially state-owned banks, are quite attractive compared to other sectors, BofA says

** The superior earnings delivery at state-owned lenders in the September quarter compared to private banks has attracted investor interest, it says

** Among private banks, BofA identifies Axis Bank AXBK.NS and ICICI Bank ICBK.NS as top picks, expecting margin gains from a "shallow rate cut cycle"

** Says AXBK offers the best relative risk-reward among private banks

** AXBK gains 2%, second-biggest gainer in private bank index .NIFPVTBNK, which is up 0.9%; ICBK up by 0.4%

(Reporting by Bharath Rajeswaran in Bengaluru)

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Nov 29 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - ONE-YEAR MCLR CHANGED TO 9.05% FROM 9% EARLIER EFFECTIVE DEC 3

Source text: ID:nNSE7WbQqr

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Nov 25 (Reuters) - Indian Bank INBA.NS:

• GOVERNMENT YET TO NOTIFY APPOINTMENT OF BINOD KUMAR AS MD, CEO OF BANK

Source text: ID:nBSEbTLyW

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Oct 28 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK Q2 NET PROFIT 27.06 BILLION RUPEES

• INDIAN BANK Q2 GROSS NPA 3.48%

• INDIAN BANK Q2 INTEREST EARNED 153.48 BILLION RUPEES

• INDIAN BANK Q2 NET NPA 0.27%

• INDIAN BANK Q2 PROVISIONS AND CONTINGENCIES 10.99 BILLION RUPEES

• INDIAN BANK Q2 PROVISIONS FOR NPAS 8.37 BILLION RUPEES

Source text: [ID:]

Further company coverage: INBA.NS

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Updates with additional details in paragraph 4

By Dharamraj Dhutia

MUMBAI, Oct 24 (Reuters) - Power Grid Corp of India PGRD.NS has accepted bids worth 50 billion rupees ($595 million) for bonds maturing in 10 years, three bankers said on Thursday.

The company will pay an annual coupon of 7.08% on this issue, and had invited bids from bankers and investors earlier in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.

These bonds witnessed strong bidding interest from long-term investors, with the spread over the corresponding government bond yield at lowest for any such firm in the last 15 months.

Here is the list of deals reported so far on Oct. 24:

*Size includes base plus greenshoe for some issues

($1 = 84.0725 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K and Sumana Nandy)

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MUMBAI, Oct 23 (Reuters) - Indian Bank INBA.NS plans to raise 50 billion rupees ($594.64 million) selling infrastructure bonds maturing in 10 years, three merchant bankers said on Wednesday.

The state-run lender has invited coupon and commitment bids for the issue on Thursday, they said.

The bank did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Oct. 23:

*Size includes base plus greenshoe for some issues

($1 = 84.0850 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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Oct 10 (Reuters) - AGS Transact Technologies Ltd AGST.NS:

• EXTENSION OF CONTRACT FROM INDIAN BANK

• CONTRACT WITH PROJECTED REVENUE OF 500 MILLION RUPEES OVER 3 YEARS

Source text for Eikon: [ID:]

Further company coverage: AGST.NS

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Oct 1 (Reuters) - Indian Bank INBA.NS:

• MCLR REMAIN UNCHANGED

Source text for Eikon: ID:nBSE7jSFQP

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Sept 26 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - APPROVED FUND RAISE OF UP TO 50 BILLION RUPEES

• INDIAN BANK - APPROVED FOR RAISING ADDITIONAL LONG TERM INFRASTRUCTURE BONDS

Source text for Eikon: [ID:]

Further company coverage: INBA.NS

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** Indian Bank INBA.NS jumps 4.3% to 531.8 rupees

** Stock set for its best day since June 3

** Lender, on Sept. 26, will consider raising funds

** INBA sees third-busiest day in over a week

** Stock up 21% YTD

(Reporting by Aleef Jahan in Bengaluru)

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Fixes headline

By Nidhi Verma

NEW DELHI, Sept 14 (Reuters) - State-run explorer Oil India OILI.NS Ltd hopes to operate its refinery in the northeastern state of Assam at an expanded capacity of 180,000 barrels per day (bpd) in the fiscal year to March 2027, Chairman Ranjit Rath said on Saturday.

Oil India's subsidiary Numaligarh Refinery Ltd (NRL) is expanding the capacity of the plant from the current 60,000 bpd and laying a crude oil pipeline connecting the refinery to Paradip Port in eastern state of Odisha, Rath said.

"Both the projects are on schedule and are expected to be commissioned in December 2025," he told a press conference.

The company would import about 110,000 bpd of crude for processing at the expanded refinery, he said.

Oil India plans to invest 250 billion rupees ($3 billion) by 2030 across various projects, including clean energy assets.

NRL is also setting up a 50,000 tons per year biorefinery to produce ethanol using bamboo as feedstock.

Rath said ethanol production from the Assam biorefinery is expected to start by the end of September.

As well as supplying the northeast of the country with fuel, NRL also provides diesel to Bangladesh through a pipeline with a 1 million tons per year capacity.

Rath said there was no disruption to Bangladesh diesel supplies despite a political crisis in the state.

"Letter of credit is in place for supplies to Bangladesh," he said.

Oil India has a stake in two upstream projects in Russia-Vankorneft and Tass-Yuryakh. Its dividend of $250 million is in Moscow branch of an Indian Bank and is yet to be repatriated, he said.

Other Indian companies also hold stakes in the two projects. About $600 billion in total dividends is yet to be received by the companies, he added.

($1 = 83.8800 Indian rupees)

(Reporting by Nidhi Verma;)

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MUMBAI, Sept 12 (Reuters) - Indian Bank INBA.NS has accepted bids worth 50 billion rupees ($595.6 million) for infrastructure bonds maturing in 10 years, three merchant bankers said on Thursday.

The state-run lender has set a coupon of 7.24%. It had invited coupon and commitment bids for the issue earlier in the day.

Here is the list of deals reported so far on Sept. 12

*Size includes base plus greenshoe for some issues

($1 = 83.9520 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia)

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MUMBAI, Sept 9 (Reuters) - Indian Bank INBA.NS plans to raise 50 billion rupees ($595.7 million), including a greenshoe option of 30 billion rupees, through the sale of infrastructure bonds maturing in 10 years, three merchant bankers said on Monday.

The state-run lender has invited coupon and commitment bids for the issue on Thursday, they said.

Here is the list of deals reported so far on Sept. 9

*Size includes base plus greenshoe for some issues


($1 = 83.9320 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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Indian Bank INBA.NS:

• INDIAN BANK - 1 YEAR MCLR UNCHANGED AT 8.95%

Source text for Eikon: ID:nNSE8yxS7X

Further company coverage: INBA.NS

July 29 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK Q1 NET PROFIT 24.03 BILLION RUPEES

• INDIAN BANK Q1 GROSS NPA 3.77%

• INDIAN BANK Q1 INTEREST EARNED 150.39 BILLION RUPEES

• INDIAN BANK Q1 PROVISIONS AND CONTINGENCIES 12.58 BILLION RUPEES

• INDIAN BANK Q1 NET NPA 0.39%

• INDIAN BANK Q1 PROVISIONS FOR NPAS 8.96 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: INBA.NS

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By Karen Freifeld

July 24 (Reuters) - A U.S. Treasury official warned India’s banks on Wednesday that financial institutions that do business with Russia's military industrial base risk losing access to the U.S. financial system, according to a letter seen by Reuters.

"We know that the Russian military relies on importing sensitive goods, like machine tools and microelectronics, and it looks to foreign financial institutions to facilitate these transactions,” Deputy Treasury Secretary Wally Adeyemo said in the letter to the Indian Banks' Association.

While the letter does not identify a particular concern about India's banks, New Delhi has resisted pressure to distance itself from Moscow since Russia invaded Ukraine in 2022 and, after Prime Minister Narendra Modi met Russian President Vladimir Putin this month, said it is exploring ways to boost its exports to Russia.

The letter follows an executive order U.S. President Joe Biden issued in December authorizing sanctions against foreign financial institutions that conduct business with Russia's military industrial base, Adeyemo said, and Treasury's recent, expansive interpretation of who is part of Russia's military industrial base.

The Indian Banks' Association could not immediately be reached for comment.

The U.S. is eager to further strengthen its economic relationship with India, Adeyemo also said. Trade between the two countries increased by over 110 percent in a decade, he wrote, and they remain among each other's largest trading partners.

But the U.S. and a global coalition of countries is committed to ending Russia's unprovoked war by depriving it of the "financial and material means to fight," he said, a reference to sanctions and export controls imposed on Russia since its invasion.

He asked the bank group to respond within 30 days with steps they could take with Treasury to make India's companies and financial institutions aware of the U.S. executive order and its ramifications.

"Any foreign financial institution that does business with Russia's military industrial base risks being sanctioned itself, and it could lose access to the U.S. financial system, and likely other financial systems," he said.

Besides the bankers group, the letter was sent to Indian industry associations.

(Reporting by Karen Freifeld, Editing by Chris Sanders and William Maclean)

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May 15 (Reuters) - Indian Bank INBA.NS:

• TO CONSIDER A PROPOSAL REGARDING FUND/ CAPITAL RAISING PLAN OF BANK

Source text for Eikon: ID:nBSE9tSykh

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Adds dropped word "project" in headline

By Bharath Rajeswaran

BENGALURU, May 6 (Reuters) - Shares of Indian state-owned lenders slid 3.5% on Monday, set for their biggest one-day drop in nearly two months, after the country's central bank proposed lenders set aside more money to cover loans for under-construction infrastructure projects.

The Nifty PSU bank index's .NIFTYPSU 3.5% decline was the most among the 13 major sectors. All 12 index constituents were in the red, between Indian Bank's INBA.NS 1.8% drop and Punjab National Bank's PNBK.NS 6.1% decrease.

Shares of non-bank lenders were affected even more deeply, with Power Finance Corp (PFC) PWFC.NS, REC RECM.NS and IREDA INAR.NS sliding between 4% and 8%. They are not on the PSU index.

The Reserve Bank of India, also the country's financial regulator, issued draft guidelines on Friday proposing banks set aside 5% of a sanctioned loan amount while the project is in construction, taking into account a lender's experience of financing such loans.

"We believe the draft norms are punitive toward incremental and existing project lending" and state-owned lenders will be most exposed if the norms get implemented, Nomura analysts said in a note.

Macquarie analysts said the new provisioning requirements apply retrospectively and not on incremental loans.

"We think this will have two implications, where provisioning requirements will go up for lenders, affecting their profitability and these companies may ration credit to project finance, further postponing the capex recovery," they added.

While the stocks of non-bank lenders fell more sharply than those of banks, analysts said such companies would likely not be as badly affected.

"The impact on PFC and REC will only be on capital adequacy ratios and not on their profits," CLSA said, adding that the companies were well capitalised.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

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May 2 (Reuters) - Indian Bank INBA.NS:

• KEEPS ONE YEAR MCLR UNCHANGED AT 8.85%

Source text for Eikon: ID:nNSE9l8jDg

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March 1 (Reuters) - Indian Bank INBA.NS:

• 1 YEAR MCLR UNCHANGED AT 8.85%

Source text for Eikon: ID:nBSEbyc90J

Further company coverage: INBA.NS

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MUMBAI, Feb 15 (Reuters) - Funding conditions in India are likely to play a crucial role in constraining loan growth for many banks in the country, and credit expansion could moderate by 200 basis points in the next fiscal year, S&P Global Ratings said in note on Thursday.

The rating agency expects system-level credit growth to moderate to 14% in FY25, starting April 1, from about 16% annual growth in the first three quarters of FY24, with margins also set to fall.

"Credit demand is strong. The economic backdrop is highly conducive to growth. Asset quality is improving, buoyed by a confluence of supportive structural and cyclical factors," the rating agency said.

"All that India's banks are missing is a boom in deposits."

If credit and deposit growth rates remain steady, a period of deposit competition would loom and further squeeze bank margins, it said.

"Private-sector banks (PVBs) are likely to bear the brunt of the situation, as they are operating at much higher LDRs (loan-to-deposit ratio) as compared with the public-sector banks (PSBs) and many PSBs have better deposit franchise," S&P said.

"Adding to the stresses on PVBs, the lenders are growing at a much faster pace than the PSBs."

HDFC Bank HDBK.NS is under extra pressure due to its merger with Housing Development Finance Corp Ltd in 2023, resulting in a weakened funding profile. The entity, India's largest private lender by market capitalisation, may need several years to revert to its pre-merger levels, said S&P.

S&P expects system-wide net interest margin to slip to 2.9% in FY25 from 3% in the current fiscal year. However, S&P said rated private banks should be able to withstand the deterioration in their LDRs and pressure on margins without any major decline in their credit profile.

"Indian banks will have to strike a fine balance between maintaining strong loan growth and paying more for deposits to fund that growth. If the clash for deposits gets fiercer, Indian banks will take a hit, either with slimmer margins or slower growth."

(Reporting by Swati Bhat; Editing by Sonia Cheema)

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BENGALURU, Feb 14 (Reuters) - India's PC Jeweller PCJE.NS posted a loss for the fifth straight quarter on Wednesday, as revenues slumped due to the impact of legal battles with its lenders.

The company has proposed a one-time settlement of its unpaid debt to lenders, who have agreed in-principle to seek internal approval for the proposal, it said on Wednesday.

PC Jeweller has already paid an upfront deposit against the settlement and is "hopeful of receiving a positive final outcome towards its settlement proposal soon".

In an attempt to revive its fortunes, the Delhi-based company is now working to revamp its operations by cutting costs and launching new collections.

Consolidated net loss of the embroiled ornaments maker widened to 1.98 billion rupees (nearly $24 million) in the three months ended Dec. 31, from losses of 611.2 million rupees a year ago and 1.38 billion rupees a quarter ago.

PC Jeweller has been grappling with a "liquidity squeeze" amid shutdowns of some of its showrooms as a tussle with lenders since last year took a toll.

The company had complained about "adverse publicity" hitting sales after a slew of lenders, including State Bank of India SBI.NS and Indian Bank INBA.NS, deemed its borrowing accounts as non-performing from 2021 and moved court to seek due repayments.

The company had been exploring the possibility of an out-of-court settlement with its lenders.

Its revenues plummeted 95% in the December quarter, a period which coincides with key festivals in India, when gold demand is usually higher, as buying bullion is considered auspicious.

Shares of PC Jeweller had slumped 44% in 2023 after three consecutive annual gains.

Meanwhile, festive demand boosted peer Kalyan Jewellers' KALN.NS profit in December quarter, while higher gold prices led to Titan TITN.NS missing estimates. Bullion prices rose about 9% in the December quarter.

($1 = 83.0209 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 2 (Reuters) - Indian Bank INBA.NS:

• INDIAN BANK - 1 YEAR MCLR REVISED FROM 8.80% TO 8.85% EFFECTIVE FEB 3

Source text for Eikon: ID:nBSE8wLlwh

Further company coverage: INBA.NS

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