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Covid-19 may stretch LIC's timeline to unlock value in IDBI Bank

India city Mumbai covid-19 pandemic quarantine
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MUMBAI: In January 2019, Life Insurance Corporation of India (LIC) completed its acquisition of a 51% stake in IDBI Bank, touted as a state-led rescue of the lender owing to its precarious capital position.

Eighteen months later, LIC perhaps has the first glimpse of its investment paying off. IDBI Bank reported a net profit for the March quarter, its first after 13 quarters.

It also reported a sharp drop in fresh slippages, and an over 93% coverage against bad loan risks. From an ailing corporate lender, IDBI Bank is now a retail lender with 56% of its loans given to retail borrowers.

Its operating performance too is encouraging. Pre-provisioning operating profit rose 34% for the quarter even though loan book continued to shrink.

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COVID-19
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United States
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Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
Thousands in Scotland living with undiagnosed disease as sufferers warn of symptoms
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Famous Scots DJ's teen son died after complaining of mysterious leg pain
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Hero cop takes down suspect who broke free from ambulance
How to entertain yourself when you stuck inside due to a pandemic
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Covid-19.rehab - the latest news concerning the spread of the SARS-CoV-2 coronavirus (formerly 2019-nCoV), as well as the infectious disease that it causes COVID-19, in separate countries and in the world as a whole. Current news on the topic of coronavirus SARS-CoV-2. Quarantine, pandemic 2020, epidemic: what is it, when will it come to end, precautions and how to protect yourself from this disease. The most honest news, no fakes! To keep up with the latest news, stay tuned for updates on the site! Every day we will collect news and statistics on coronavirus from around the world for you to be aware of this topic.

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