IDFC First Bank - Moving Ahead Of Guidance: Geojit

Geojit Research Report

IDFC First Bank Ltd., founded by the merger of erstwhile IDFC Bank Ltd. and erstwhile Capital First on December 18, 2018. Currently, the bank has 670 branches, with a total funded asset of Rs 1,45,362 crore.

Net Interest Income is expected to grow at a rate of 26% during FY23, with strong growth in business and expansion in margin.

Advances and deposits are estimated to grow at a compound annual growth rate of 24% during FY22-24E.

IDFC First Bank has been successful in shifting its advance mix with retail focus and has made a considerable reduction in its corporate/ infrastructure book.

Asset quality has been improving with gross/net non performing asset at 3.18%/1.09%. Provision coverage ratio improved to 76.5%. Management has provided credit cost guidance of 1.5% for FY23.

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