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IDFC First Bank Ltd share Price Today

Company details

78.00
81.63
70.80
100.70
6M Return -7.59%
1Y Return 6.14%
Mkt Cap.(Cr) 57,591.60
Volume 73,328,337
Div Yield 0.00%
OI
-
OI Chg %
-
Volume 73,328,337

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Gradual decline in CI ratio to aid RoA…
About The Stock

    IDFC First Bank was formed by the merger of the erstwhile IDFC Bank and Capital First in 2018. Retailisation of its business has been the key focus.

    • Retail funded assets form ~67% of total funded assets
    • Branch network is at 809 as on March 2023
Q4FY23

    IDFC First Bank reported a strong performance.

    • GNPA down 45 bps QoQ to 2.51%; NNPA down 17 bps QoQ to 0.86%
    • NII up 34.7% YoY, NIMs up 28 bps QoQ to 6.41%, C/I at ~68%
    • Provisions up 7.2% QoQ; PAT at ₹ 802 crore, up >2x YoY
    • Funded assets up 24.4% YoY at ₹ 1.60 lakh crore, retail grew 32% YoY

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IDFC First Bank announced Q3FY24 results:

Profitability

  • Net Profit grew 18% YoY from Rs 605 crore in Q3FY23 to Rs 716 crore in Q3FY24.
  • Net Interest Income (NII) grew 30% YoY from Rs 3,285 crore in Q3FY23 to Rs 4,287 crore in Q3FY24.
  • Net Interest Margin (gross of IBPC and sell-down) was 6.42% in Q3FY24 compared to 6.13% in Q3FY23 and 6.32% in Q2FY24.
  • Fee and Other Income grew by 32% YoY from Rs 1,117 crore in Q3FY23 to Rs 1,469 crore in Q3FY24. Retail fees constitute 93% of the overall fees for the quarter Q3FY24.
  • Core Operating income (NII plus Fees, excluding trading gains) grew 31% from Rs 4,402 crore in Q3FY23 to Rs 5,755 crore in Q3FY24.
  • Operating Expenses grew by 33% YoY from Rs 3,177 crore in Q3FY23 to Rs 4,241 crore in Q3FY24.
  • Core Operating Profit (pre-provision operating profit excluding trading gains) grew by 24% YoY from Rs 1,225 crore in Q3FY23 to Rs 1,515 crore for Q3FY24.
  • Provisions increased 45% YoY from Rs 450 crore in Q3FY23 to Rs 655 crore in Q3FY24. The credit cost (quarterly annualized) as % of average funded assets for 9MFY24 was 1.26%.
  • RoA (annualized) stood at 1.16% for 9MFY24.
  • RoE (annualized) stood at 10.67% in 9MFY24.

Deposits & Borrowings

  • Customer Deposits increased by 42.8% YoY from Rs 1,23,578 crore as of December 31, 2022, to Rs 1,76,481 crore as of December 31, 2023.
  • CASA Deposits grew by 28.6% YoY from Rs 66,498 crore as of December 31, 2022, to Rs 85,492 crore as of December 31, 2023. CASA Ratio stood at 46.8% as of December 31, 2023.
  • Retail deposits grew by 46.6% YoY from Rs 95,107 crore as of December 31, 2022, to Rs 1,39,431 crore as of December 31, 2023.
  • Retail deposits constitute 79% of total customer deposits as of December 31, 2023.
  • Legacy High Cost Borrowings reduced from Rs 18,762 crore as of December 31, 2022, to Rs 13,607 crore as of December 31, 2023.

Funded Assets

  • Funded assets (including advances & credit substitutes) increased by 24.5% YoY from Rs 1,52,152 crore as of December 31, 2022, to Rs 1,89,475 crore as of December 31, 2023.
  • The Bank continues to wind down infrastructure financing as per the stated strategy and now constitutes only 1.6% of total funded assets as of December 31, 2023.
  • Exposure to top 20 single borrowers improved to 5.93% as of December 31, 2023.
  • The Credit Deposit Ratio improved further from 109.18% as of December 31, 2022, to 101.41% crore as of December 31, 2023. The incremental Credit to Deposit ratio for quarter 9MFY24 was 79.89%

Assets Quality

  • Gross NPA (GNPA) of the bank has improved to 2.04% as of December 31, 2023, from 2.96% on December 31, 2022.
  • Net NPA (NNPA) of the bank has improved to 0.68% as of December 31, 2023, from 1.03% of December 31, 2022.
  • GNPA of the Retail, Rural, and SME Finance has improved to 1.45% as of December 31, 2023, from 1.87% of December 31, 2022.
  • NNPA of the Retail, Rural, and SME Finance has improved to 0.51% as of December 31, 2023, from 0.70% of December 31, 2022.
  • Excluding the infrastructure financing book which the Bank is running down, the GNPA and NNPA of the Bank would have been 1.66% and 0.47% respectively as of December 31, 2023.
  • SMA-1 and SMA-2 (31-90 DPD which is the pre-NPA stage) in Retail, Rural, and SME Finance portfolio has reduced from 0.87% as of March 31, 2023, to 0.85% as of December 31, 2023.
  • Collection efficiency for urban retail business (excluding prepayments and EMI arrears) in the current bucket continues to remain high at 99.6%.
  • Provision coverage ratio (including technical write-off) of the bank has increased to 84.68% as of December 31, 2023, from 76.60% as of December 31, 2022.
  • Standard restructured book as % of total funded assets improved to 0.35% on December 31, 2023.

Capital Position & Liquidity

  • Capital Adequacy of the Bank was strong at 16.73% with a CET-1 Ratio at 13.95% as of December 31, 2023. The Bank raised fresh equity capital of Rs 3,000 crore in 1st week of October 2023.
  • Average LCR was strong at 121% for the quarter ending on December 31, 2023.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are happy to share that our deposits continue to grow strongly at 43% YoY, and our CASA ratio continues to be strong at 46.8%. Our asset quality continues to improve. On the Retail, Rural & SME business, which is a significant part of our business, the Gross NPA and Net NPA continue to remain low and are at 1.45% and 0.50% respectively as of 31st December 2023. We will remain very watchful on this front all the time.

We have registered a profit of Rs 2,232 crore in 9MFY24, representing a growth of 37% over PAT of Rs 1,635 crore in 9MFY23.

At the time of the merger of IDFC Bank and Capital First, the Bank provided Guidance 1.0. As of 31st December 2023, IDFC FIRST Bank has completed exactly 5 years post the merger and hence we are providing Guidance 2.0 (FY 24-29), with greater visibility as compared to the visibility we had at the time of providing Guidance 1.0. We are likely to meet most targets under Guidance 1.0”

 

Result PDF

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IDFC First Bank Ltd shares SWOT Analysis

Strengths (6)

  • Effectively using its capital to generate profit - RoCE improving in last 2 years
  • Increasing Revenue every Quarter for the past 4 Quarters
  • Strong cash generating ability from core business - Improving Cash Flow from operation for last 2 years

Weakness (4)

  • Red Flag: High Interest Payments Compared to Earnings
  • Companies with High Debt
  • MFs decreased their shareholding last quarter

Opportunity (2)

  • RSI indicating price strength
  • High Volume, High Gain

Threats (3)

  • Promoter decreasing their shareholding
  • Increase in NPA in Recent Results
  • Increase in Provisions in Recent Results

Resistance and support

R1 82.7
R2 84.0
R3 86.4
Pivot

80.36

S1 79.1
S2 76.7
S3 75.5
EMA SMA
77.9
78.7
80.2
80.1
77.5
79.4
80.1
84.5
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
CLOVERDELL INVESTMENT LTD Bulk Sell 2024-03-28 75.24 158853018 BSE
EAST BRIDGE CAPITAL MASTER FUND I LTD Block Purchase 2024-02-29 79.8 18171745 BSE
BNP PARIBAS ARBITRAGE Block Sell 2024-02-29 79.8 18171745 BSE
Name Category Shares
IDFC FINANCIAL HOLDING COMPANY LIMITED PROMOTER 37.43%

OUR RESEARCH VIEW

Investment recommendation
Gradual decline in CI ratio to aid RoA…
Call Date
08 May 2023
Entry Price 64.00
Target Price 75.00
Duration
12-18 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
Equity
Reserves and Surplus
Debt
Sales
Operating Profit
Profit after Tax
PE
Debt/Equity
P BV

IDFC First Bank Ltd Stocks COMPARISON

Financials( in Cr) IDFC First Bank Ltd HDFC Bank Ltd ICICI Bank Ltd State Bank of India Axis Bank Ltd
Price 81.46 1,607.80 1,122.85 844.90 1,191.90
% Change 4.44 0.68 1.56 0.68 0.92
Mcap Cr 57,591.60 1,221,431.35 788,503.00 754,040.47 367,888.28
Revenue TTM Cr 22,727.81 170,754.05 121,066.81 439,188.51 87,448.37
Net Profit TTM Cr 2,484.93 46,148.70 34,463.03 68,138.26 10,852.66
PE TTM 18.75 18.97 17.58 11.17 13.82
1 Year Return 6.14 0.38 19.48 46.54 21.91
ROCE 0.00 0.00 0.00 0.00 0.00
ROE 9.35 17.20 17.66 18.97 8.75
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 25,847.55 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 32,550.52 645.34
LAST 3M 105,892.14 -28,833.11
LAST 6M 178,978.26 -15,682.85
LAST 12M 290,242.45 102,068.56

IDFC First Bank Ltd Information

Stock PE (TTM)
18.75
Promoter Holding
37.43%
Book Value
45.5288
ROE
9.35%
Description
  • IDFC First Bank is engaged in the banking industry. Its market capitalization is worth INR 33,226.39 Cr. as of 16 April 2021. The bank was founded in 2018. The bank has reported revenue of INR 3,952.46 Cr. for the quarter ended December 2020. The Bombay Stock Exchange (BSE) code for this bank is 539437, and the National Stock Exchange (NSE) symbol is IDFCFIRSTB. The bank is headquartered in Mumbai. It believes in reaching its wide range of retail banking solutions with technologically sound and exceptional customer service to people across the country. IDFC First Bank emerged by the union of IDFC Bank & Capital First. The Reserve Bank of India (RBI) conceded approval to IDFC Limited to set up a new bank in the private sector in 2014. Following this, IDFC Limited reft its infrastructure-related assets and liabilities to the IDFC Bank. The bank commenced its operations with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. Fifteen branches are in settlements with a population of less than 10,000. The bank launched its 100th branch in Honnali, Karnataka, in October 2017. In January 2018, IDFC Bank and Capital First announced their merger. The stakeholders of Capital First were issued 13.9 shares of the merged entity for every one share of Capital First. The bank serves its private and corporate customers in the country. It also has a target to serve people in rural areas and self-employed individuals. The bank is the first one in India to launch an Aadhaar-linked cashless merchant solution. One of its most significant loans into e-commerce includes a ?3 bn (US$42 million) loan to Flipkart. The bank entered into a partnership with MobiKwik, a digital payments solution company. It launched a co-marketed virtual Visa prepaid card for customers of MobiKwik on 8 November 2017. On 11 March 2020, the bank revealed that Mr Amitabh Bachchan had been appointed as its first brand ambassador. It told the entry into the credit card sector with low-interest rates and interest-free credit in 2021. The bank disclosed its Profit after Tax for the third quarter of the financial year 2021 at Rs.130 Cr compared to the Loss of Rs.1,639Cr for the third quarter of the financial year 2020. The Profit after Tax was delineated at Rs. 324 Cr by 31 December 2020.

Registered Address

KRM Tower 7th Floor, No 1 Harrington Road Chetpet, Chennai, Tamil Nadu, 600031

Tel : 91-44-45644000
Email : mahendra.shah:idfcbank.com ; bank.info:idfcbank.co
Website : http://www.idfcfirstbank.com
Registrar

KFin Techologies Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 539437
NSE Code : IDFCFIRSTB
Book Closure Date (Month) :
BSE Group : A
ISIN : INE092T01019

FAQ’s on IDFC First Bank Ltd Shares

You can buy IDFC First Bank Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy IDFC First Bank Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Jun 18, 2024 04:10 PM the closing price of IDFC First Bank Ltd was Rs.81.46.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of Jun 18, 2024 04:10 PM, the market cap of IDFC First Bank stood at Rs. 57,591.60.

The latest PE ratio of IDFC First Bank Ltd as of Jun 18, 2024 04:10 PM is 18.75

The latest PB ratio of IDFC First Bank Ltd as of Jun 18, 2024 04:10 PM is 0.58

The 52-week high of IDFC First Bank Ltd share price is Rs. 100.70 while the 52-week low is Rs. 70.80

According to analyst recommendations, IDFC First Bank Ltd Share has a "Buy" rating for the long term.

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