Private lender Tamilnad Mercantile Bank s (TMB) is planning an Initial Public Offering ( IPO) of about Rs 1,000 crore by November-December 2021. The IPO will involve combination of fresh capital plus sale of existing shares. The shareholders of the unlisted South-based private bank have already given nod for IPO. Bank would work file prospectus with Securities and Exchange Board of India, said K V Rama Moorthy, managing director and chief executive, TMB. The book value of bank is Rs 321 per share and capital adequacy was 18.94 per cent in March 2021, up from 16.74 per cent in March 2020. Meanwhile, the lender posted 48 per cent rise in net profit at Rs 603.3 crore for financial year ended March 2021 (FY21) as against Rs 407.69 crore in year ended March 2020 (FY20).
Fourth Consecutive Quarter of Record Net Interest Income forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
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Net income of $61.2 million, or $0.28 per diluted share, for the first quarter of 2021, compared to $50.1 million, or $0.23 per diluted share, for the fourth quarter of 2020. The net income for the first quarter of 2021 and fourth quarter of 2020 included the following items of note:
- Provision for credit losses was a net benefit of $15.3 million ($9.5 million after-tax, or an increase of $0.04 per diluted share) for the first quarter of 2021, compared to an expense of $7.7 million ($4.8 million after-tax, or a decrease of $0.02 per diluted share) for the fourth quarter of 2020. The reserve release in the first quarter of 2021 was primarily due to positive changes in the outlook of macroeconomic assumptions to which the reserve is correlated.
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On a consolidated basis, ICICI Prudential Life Insurance Company net profit tanked 65% to Rs 62.51 crore on 364.6% surge in total income to Rs 19,898.29 crore in Q4 FY21 over Q4 FY20.
On a standalone basis, the net profit tumbled 64.5% to Rs 63.78 crore on 364.5% surge in total income to Rs 19,897.44 crore in Q4 FY21 over Q4 FY20. The company s net premium income increased by 13.40% to Rs 11,879.28 crore in Q4 FY21 over Rs 10,475.12 crore in Q3 FY20.
New business Annualised Premium Equivalent (APE) grew 27% Y-o-Y (year-on-year) in Q4 FY2021 to Rs 2,509 crore, on the back of 108% Y-o-Y growth in March 2021 to Rs 1,101 crore.
New business sum assured jumped 22.1% Y-o-Y to Rs 2,05,184 crore in Q4 FY2021 along with an expansion in new business premium by 22.9% to Rs 5,133 crore in the same period. The company was able to strengthen its position as the private sector market leader in terms of new business sum assured, with a market share of 13% in 11M FY2021, rising 11.8% from FY2020.