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47% Buy 👍 Sector logoBank
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Shareholding Info
  • Promoters
    39.37 %
  • Foreign institutions-FII
    24.48 %
  • Other domestic institutions
    6.81 %
  • Retail and other
    26.66 %
  • Mutual Funds
    2.68 %

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Key Indices in NSE

Key Indices in BSE

Company Overview


Infrastructure Development Finance Company (IDFC) FIRST Bank was formed in December 2018 by the merger of Capital FIRST and IDFC Bank. It is an Indian private sector bank owned by IDFC.

The bank began operations on 1 October 2015 following the issuance of a universal banking licence by the Reserve Bank of India (RBI). The bank is headquartered in Mumbai.

IDFC FIRST Bank offers multiple financial products and services to individuals, small companies, and corporations. The bank operates in wholesale, retail, and other banking segments and has a nationwide presence.

IDFC First Bank has 727 ATMs, 599 branches across India, and more than 25,000 employees. It is growing at a fast pace. IDFC FIRST Bank has corporate correspondent centres throughout India. Those centres offer net banking, mobile banking applications, and a toll-free Banker-on-Call service 24/7.

IDFC FIRST Bank personifies personal banking. The bank provides private banking and net banking services, such as:
  • Accounts
  • Deposits
  • Cards
  • Loans

Company Journey


Some of the significant events and milestones in IDFC FIRST Bank's journey are as follows:
  • 2018
    • IDFC Bank is renamed IDFC FIRST Bank following its merger with Capital FIRST.
    • Capital FIRST receives the Capital Finance International 2018 Outstanding Corporate Transformation India Award.
  • 2019
    • On 25 January 2019, IDFC FIRST Bank was named the recipient of the Banking Frontiers Finnoviti Awards 2019.
  • 2020
    • Herald Global and (Bhabha Atomic Research Centre) BARC Asia named the bank, India's Most Prestigious Brands for 2020.
    • IDFC FIRST Bank ranks as India's Most Transformed New Bank in the year 2020.
  • 2021
    • IDFC FIRST Bank is named the winner of the Asia Private Banking Awards 2021.
    • The bank took the top prize at the Digital CX (Consumer Experience) Awards 2021.

Business Highlights


IDFC FIRST Bank's asset base has surpassed ₹10,400 crore, with 37% of its resources in the retail sector. Its quarterly annual rate net interest margins expanded from 1.9% to 3.0% following the merger in 2018. The bank now has a monopoly in a few retail asset categories. The total number of customers is currently 73 lakh and growing, with the majority residing in India.

The net profit for Q3 FY21 was ₹130 crore, compared to a loss of ₹1,639 crore in Q3 FY20. The after-tax profit for the 9 months ending 31 December 2020 is ₹ 324 crore. As a result, the bank reported 4 consecutive quarters of profit.

Net Interest Income (NII) increased by 14% year on year to ₹1,744 crore, up from ₹1,534 crore in the 3rd quarter of FY20. Despite the COVID-19 pandemic, sequential Q-o-Q (quarter on quarter) NII (Net Interest Income) increased by 5%.

Fees and other income increased by 33% to ₹ 582 crore in Q3 FY21, from ₹ 437 crore in Q3 FY20. Similarly, fee income increased significantly, rising by 100% sequentially Q-o-Q, as economic activities resumed in the country following the phased unlock of the pandemic. The trading profit for the third quarter of the fiscal year 2021 was ₹ 290 crore.

Total income increased by 24% to ₹ 2,616 crore in Q3-FY21 from ₹ 2,113 crore in Q3-FY 20.

Provisions: The provision for Q3 FY21 was ₹ 595 crore, down from ₹ 2,305 crore in Q3 FY 20 and ₹ 676 crore in Q2 FY21. This includes ₹ 390 crore in additional COVID provisions during Q3-FY 21.

Performance highlights


The bank's retail deposits increased by ₹ 29,970 crore in FY21, even in the face of extreme stress, like the COVID19 pandemic. Fundamental retail deposits have increased at a 73% CAGR between 2019 and 2022.

Between FY2020 and 2022, customer deposits have increased at a 32% CAGR.

After adjusting for credit costs and tax, the iterative return on equity (ROE) on commercial and residential finance ranges between 18% and 20%. As a result, the ROE has risen from 2.97% in Q2-FY22 to 5.44% in Q3-FY 22, 6.67% in Q4-FY 22, 8.96% in Q1-FY23, and 10.13% in Q2 FY23.

IDFC FIRST Bank Ltd.'s earnings before interest, taxes, depreciation and amortisation (EBITDA) Margin Ratio of 3.29 indicates that its operating expenses were higher in relation to total revenue in the quarter ending September 2022.

IDFC FIRST's EBITDA margin ratio decreased by -10.44% in 2022 compared to the 2021 fiscal year.
  • The return on capital employed (ROCE) is 1.82% for the financial year 2022.
  • In Q2 FY23, NII (net interest income) increased by 32% year on year to ₹ 3,002 crore.
  • Net interest margin increased by 15 basis points year on year to 5.98% in Q2 FY23.
  • Fee and Other Income increased by 44% year on year to ₹ 945 crore in Q2 FY23.
  • In Q2 FY23, core operating income (excluding trading gains) increased by 35% year on year to ₹ 3,947 crore.
  • In Q2 FY23, core operating profit (excluding trading gains) increased by 84% year on year to ₹ 1,052 crore.
  • Provisions fell 11% year on year to ₹ 424 crore in Q2 FY23, accounting for 1.2% (annualised) of ordinary funded assets.
  • In Q2 FY23, net profit increased by 266% year on year to ₹ 556 crore.
  • In Q2 FY23, ROA (return on assets) annual rate was 1.07%, and ROE annual rate was 10.13%.

Management


The executive management of IDFC FIRST Bank includes:
  • Mr. M.S. Sundara Rajan (Part-Time Non-Executive Chairman)
  • Mr. Praveen Vecha (MD and CEO)
  • Mr Sudhanshu Jain (CFO and Head)
  • Mr A Krishnamoorthy (Independent Director)
  • Mr Ashish Singh (Nominee Director)
  • Ms P V Bharathi (Independent Director)

Investor Relations Contact:


Mr Satish Gaikwad
Company Secretary,
IDFC FIRST Bank Limited, Naman Chambers,
G-Block, Bandra-Kurla Complex, Bandra (East),
Mumbai – 400051.

Email - secretarial@idfcfirstbank.com
Telephone - +91 2271325500

Industry Overview


IDFC FIRST Bank faces competition from key players in the market, such as HDFC Bank, ICICI Bank, Kotak Mahindra, Axis Bank, Indusind Bank, IDBI Bank, Yes Bank, among others. The key competitors' respective market capitalisations are given below:
  • HDFC Bank - ₹9,00,266 crore
  • ICICI Bank - ₹6,23,954 crore
  • Kotak Mahindra - ₹ 3,81,818 crore
  • Axis Bank - ₹2,61,553 crore
  • IndusInd Bank - ₹89,393 crore
  • IDBI Bank - ₹50,590 crore
  • Yes bank - ₹42,846 crore
  • AU Small Finance - ₹42,347 crore
  • Bandhan Bank - ₹ 36,381 crore
The Indian financial sector is composed of 22 private-sector banks. Banks in the private sector are ones that are owned or valued more heavily by private investors than by the Indian government.

Over the 2020–2022 period, bank assets increased in all banking sectors. Including both governmental and private sector banks, the banking system's total assets increased to ₹2 lakh crore in 2022. The total value of the assets held by private banks in 2022 was ₹7,557 crore.

Risks and concerns


Having Issues with the Infrastructure


The lack of adequate and suitable physical and IT (internet technology) infrastructure is one of the main problems facing India's private banking industry.

HR (Human Resource) Challenges


Due to the demand for qualified private bankers and high turnover rates, talent is almost never in fully abundant supply.

Difficulties with Perception


Instead of serving as true portfolio managers or financial consultants, banks are viewed in the Indian context as product pushers and sellers.

Regulatory Challenges


Regulators in India are still ill-equipped to deal with the kinds of goods and services that private banking offers.

Issues with Scale


Not all Indian banks have been able to grow their private banking operations due to insufficient assets under management or clients.

Registrar


Mr. M.R.V. Subrahmanyam

KFin Technologies Ltd.
(Unit: IDFC FIRST Bank)
Selenium Tower B, Plot 31-32,
Gachibowli, Financial District, Nanakramguda,
Hyderabad – 500 032.

Email - einward.ris@kfintech.com
Phone - 1800 309 4001
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