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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 value 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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