Core Viewpoint - The disclosure of a Rs 590 crore fraud at IDFC First Bank has led to significant market losses for major shareholders, raising concerns about governance and internal controls within the bank [8]. Financial Impact - Following the fraud disclosure, LIC's investment value fell by approximately Rs 338 crore, while the Government of India experienced a notional loss of around Rs 1,114 crore, totaling a combined market value loss of roughly Rs 1,452 crore for both institutional shareholders [1][2]. - The stock price dropped nearly 20% to Rs 66.85, contributing to a broader market sell-off that erased nearly Rs 14,000 crore in market capitalization, marking the steepest decline since March 2020 [2][8]. Governance and Internal Controls - The fraud, estimated at Rs 590 crore, exceeds the bank's latest quarterly net profit of Rs 503 crore, intensifying concerns regarding the bank's governance and internal controls [3]. - The bank stated that the irregularity was limited to a single branch and specific accounts, with four officials suspended and a forensic audit initiated, asserting that there was no systemic failure and adequate controls were in place [4][8]. Reputational Consequences - The incident has prompted the Haryana government to de-empanel the bank and instruct departments to close their accounts, adding reputational pressure on the institution [7].

IDFC First Bank shares were among the worst performers on Dalal Street on Monday afternoon, plunging nearly 16 per cent to ₹70.26 on the NSE after the lender disclosed unauthorised and fraudulent activities at its Chandigarh branch involving Haryana government accounts worth approximately ₹590 crore. The bank, in a regulatory filing dated February 21, 2026, said discrepancies were noticed when a Haryana government department sought closure of its account and transfer of funds. Subsequent engagement with oth ...

Group 1 - The Annual General Meeting of Nykredit Bank A/S was held on February 23, 2026, where key leadership positions were elected [1] - Michael Rasmussen was elected as Chair and Anders Jensen as Deputy Chair of the Board of Directors [1] - The Annual Report for 2025 was approved, including the proposal for distribution of net profit [3] Group 2 - The discharge of the Board of Directors and Executive Board was adopted during the meeting [3] - Proposals regarding remuneration policy, remuneration report, and management remuneration were approved [3] - The Board of Directors was re-elected, consisting of Michael Rasmussen, Anders Jensen, Tonny Thierry Andersen, David Hellemann, and Pernille Sindby, along with two staff representatives [3] Group 3 - EY Godkendt Revisionspartnerselskab was reappointed as the Company's auditors [3]

Group 1 - Municipality Finance Plc has issued a EUR 1 billion benchmark under its MTN programme, with a maturity date of 14 June 2033 and a fixed interest rate of 2.750% per annum [1] - The benchmark is part of MuniFin's EUR 50 billion programme for the issuance of debt instruments, with public trading expected to commence on 24 February 2026 on the Helsinki Stock Exchange [2] - J.P. Morgan SE, Natixis, Nordea Bank Abp, and UBS Europe SE are acting as the Joint Lead Managers for this benchmark issue [3] Group 2 - Municipality Finance Plc is one of Finland's largest credit institutions, owned by Finnish municipalities, the public sector pension fund Keva, and the State of Finland, with a total balance sheet exceeding EUR 55 billion [4] - MuniFin's customers include municipalities, joint municipal authorities, and entities involved in socially responsible investments such as public transportation and healthcare facilities [5] - The company operates in a global business environment and is recognized as the first Finnish issuer of green and social bonds, with funding guaranteed by the Municipal Guarantee Board [6]

Core Viewpoint - Jyske Bank has initiated a share repurchase program with a total value of up to DKK 3 billion, running from February 5, 2026, to January 29, 2027, in compliance with the Market Abuse Regulation [1] Group 1: Share Repurchase Program Details - The share repurchase program allows Jyske Bank to acquire shares valued at up to DKK 3 billion [1] - As of the latest announcement, Jyske Bank has accumulated a total of 157,902 shares under the program, with an average purchase price of DKK 956.36, totaling DKK 151,011,164 [2] - Following the transactions, Jyske Bank will hold a total of 3,467,430 treasury shares, representing 5.64% of the share capital [2]

Core Viewpoint - A suspected fraud of approximately ₹590 crore at IDFC First Bank has led to a multi-agency investigation, a forensic audit, and a significant decline in investor confidence [1][20]. Incident Trigger - The situation was revealed on February 18 when the Haryana Finance Department issued a circular de-empanelling IDFC First Bank and AU Small Finance Bank for government business, instructing all departments to cease routing funds through these banks and close their accounts [2][5][20]. Discrepancies and Internal Review - Following the circular, discrepancies were noted between the bank's recorded balances and those reported by a Haryana government department during an account closure request [7][20]. - The bank's regulatory filing on February 22 indicated unauthorized and fraudulent activities by certain employees at a Chandigarh branch, specifically involving government-linked accounts [8][20]. Regulatory and Internal Actions - The bank has suspended four employees pending investigation and initiated disciplinary, civil, and criminal proceedings against involved parties [11][20]. - A forensic audit has been commissioned, with KPMG appointed to investigate the discrepancies and identify control failures [13][20]. Recovery Efforts - The bank has requested beneficiary banks to place liens on suspicious account balances to prevent withdrawals and facilitate potential recovery of funds [14][20]. - The final loss figure will depend on the recovery of the estimated ₹590 crore through these measures and legal processes [15][20]. Market Reaction - The disclosure resulted in a sharp decline in IDFC First Bank's shares, falling by up to 20% in a single session, leading to a loss of approximately ₹14,438 crore in market capitalization [16][20]. - The scale of the suspected fraud exceeds the bank's net profit of ₹503 crore for the December quarter [16][20]. Financial Impact Estimates - Brokerages have provided varying estimates of the financial impact, with UBS estimating a 22% hit to FY26 profit after tax and Morgan Stanley projecting a 20% reduction in FY26 profit before tax [17][20]. Management's Response - The bank's CEO, V. Vaidyanathan, described the incident as isolated and not indicative of systemic failure, emphasizing that necessary controls are in place [18][20]. - He reassured stakeholders that the bank remains well-capitalized and expects the financial impact to be manageable, with no significant effect on profits anticipated [18][20].

The Australian sharemarket on Monday (February 23, 2026) closed with a drop as fresh uncertainty around U.S. tariff policy unsettled investors. The S&P/ASX 200 closed lower, dropping 55.40 points, or 0.61%, to 9,026.00. The downward trend in Australian shares dragged most sectors lower except miners, which gained on safe-haven flows, as reported by news agency Reuters. Markets were left with a murky picture after ‌the U.S. Supreme ⁠Court struck ⁠down US President Donald Trump’s emergency tariffs, prompting ...

The RBI is watching the development around the ₹590 crore fraud at IDFC First Bank and there is no systemic issue, Governor Sanjay Malhotra said on Monday. IDFC First Bank had on Sunday disclosed a ₹590-crore fraud committed by certain employees and others at a particular branch in Chandigarh in a specific set of Haryana State government accounts. "We are watching the development, there is no systemic issue," Malhotra told reporters at a press briefing after the customary post budget address by Finance Mini ...

The ₹590-crore fraud involving Haryana government accounts is the result of a collusion between employees of the IDFC Bank and external parties, its Managing Director and Chief Executive V Vaidyanathan said on Monday. In a specially convened call for investors and analysts ahead of opening of the equity markets, Vaidyanathan said the bank will take some provisions as a result of the fraud and in line with its policies to recognise any stress upfront.Also read However, the same is unlikely to have a major im ...

Group 1: Tariff and Geopolitical Concerns - The US tariffs have caused short-term market fluctuations, but the agreed baseline tariff rate of 18% is seen as manageable, with a potential interim rate of 15% being beneficial for Indian exporters [1][8] - The escalating tensions between the US and Iran pose a significant risk, as a sustained geopolitical crisis could lead to higher oil prices, impacting India's current account deficit and inflation [2][8] Group 2: Market Outlook and Investment Strategy - Despite market headwinds, the long-term outlook for India remains positive, supported by trade frameworks with the US and EU, domestic tax cuts, and post-budget clarity, with setbacks viewed as delays rather than derailments [2][8] - The IT sector is believed to have largely bottomed out, with approximately 90% of the valuation derating completed, making IT stocks attractive for income-oriented portfolios due to their dividend yields of 5-6% [5][8] - Investors are advised to treat market volatility as an opportunity to accumulate quality stocks at better prices [2][8] Group 3: Banking Sector Insights - The ₹590 crore fraud at IDFC First Bank is considered an isolated incident, not indicative of systemic issues within the midcap banking sector, and the bank remains well-capitalized after raising ₹7,500 crore [6][8] - Smaller private and new-age banks have a structural advantage due to their leaner deposit bases, allowing them to attract deposits more effectively compared to larger banks [6][8] - Among preferred banking picks, AU Small Finance Bank, South India Bank, and CSB Bank are highlighted, despite AU's higher valuation [6][8]