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IDFC First Bank Ltd - 539437 - Board Meeting Outcome for Outcome Of The Board Meeting Of IDFC FIRST Bank Limited ('Bank') Held On February 4, 2023

 We wish to inform that the Board of the Bank has, inter-alia, considered and approved to Issue, offer and allot 37,75,00,859 equity shares of face value of ? 10/- each fully paid-up, on a preferential basis, to 'IDFC Financial Holding Company Limited' ('Proposed Allottee'), wholly-owned subsidiary of IDFC Limited (jointly referred as 'IDFC'), at a price of ? 58.18/- per equity share (including premium of ? 48.18/- per share), amounting to ? 2,196,30,00,000 ('Preferential Issue'), which offer/ issue price is in accordance with the applicable provisions of the SEBI ICDR Regulations, subject to acceptance of the offer by the Board of 'IDFC' and also subject to approval of the shareholders of the 'Bank'.
04-02-2023
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IDFC First Bank Ltd - 539437 - Clarification Regarding Exposure To Adani Group Companies.

 Regarding speculations about IDFC FIRST Bank's exposure to Adani Group companies, we would like to clarify: The funded outstanding is only 0.06% of the funded assets as of December 2022. The Bank has been receiving payments as per the quarterly amortizing payment schedule for the same. The Bank has working capital (non-funded) outstanding of only 0.51% of the funded assets as of December 31, 2022 of which the majority, at 0.38%, is secured letter of credit which will mature in the next 2-5 months. The balance, at only 0.13%, have maturity of 1-2 years. The underlying companies have strong cash-flows and operating model, and we are comfortable with the exposure. The Bank does not have any exposure to any offshore entities in Adani Group or against the shares of the Adani Group Companies. As per stated strategy, the Bank continues to reduce concentration risk, and has brought down exposure to top 10 group borrowers from 17% in March 2019 to 8% in Dec 2022 and will continue to do so.
02-02-2023
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IDFC First Bank Ltd - 539437 - Closure of Trading Window

 Pursuant to Regulation 29(1)(d) of the SEBI Listing Regulations, we wish to inform that a meeting of the Board of Directors of the Bank is scheduled to be held on Saturday, February 4, 2023. In terms of the Code of Conduct for Prohibition of Insider Trading of the Bank, formulated and adopted under the Securities and Exchange Board of India (PIT) Regulations, 2015, the Trading Window for dealing in securities of the Bank would remain closed for Designated Persons and their immediate relatives from February 2, 2023 till February 6, 2023 (both days inclusive) and shall re-open thereafter.
01-02-2023
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IDFC First Bank Ltd - 539437 - Board Meeting Intimation for Prior Intimation Under Regulation 29(1)(D) Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, As Amended ('SEBI Listing Regulations')

 IDFC First Bank Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/02/2023 ,inter alia, to consider and approve Pursuant to Regulation 29(1)(d) of the SEBI Listing Regulations, we wish to inform that a meeting of the Board of Directors of the Bank is scheduled to be held on Saturday, February 4, 2023, inter-alia, to consider and if thought fit, to approve the proposal for raising of funds by way of issue of equity shares of the Bank on preferential basis or such other mode, in accordance with the provisions of the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and such other acts, rules, regulations, laws and statutes, as may be applicable (including any statutory modification(s) thereto or re-enactment thereof for the time being in force), subject to all such regulatory / statutory approvals as may be required including the approval of shareholders of the Bank.
01-02-2023
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IDFC First Bank Ltd - 539437 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript

 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find attached the transcript of the earnings call for the quarter and nine months ended December 31, 2022 conducted after the meeting of Board of Directors held on January 21, 2023, for your information and records. The above information is also available on the Bank's website
30-01-2023
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F&O Query: Should I exit IDFC First Bank call option or buy more?
30-01-2023

Buy IDFC First Bank; target of Rs 70: ICICI Direct

 ICICI Direct is bullish on IDFC First Bank recommended buy rating on the stock with a target price of Rs 70 in its research report dated January 23, 2023.
24-01-2023

Expect at least 40% rise in deposits for IDFC First Bank: V Vaidyanathan

 The bank is running super smooth and everything is good but really if you press me to say that okay what was the issue, the issue was mainly I can say that bank had very low operating profit. You merged a domestic financial institution with a company so operating profit of the bank is very low.
23-01-2023

IDFC First Bank share price jumps after Q3FY23 results. Buy, sell or hold?

 IDFC First Bank share price today opened upside and logged around 4 per cent rise in early morning deals
23-01-2023
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Q3FY23 Quarterly Result Announced for IDFC First Bank Ltd.

 IDFC First Bank announced Q3FY23 results: Q3FY23: Deposits & Borrowings: Customer Deposits increased by 44% from Rs 85,818 crore as of Q3FY22 to Rs 1,23,578 crore as of Q3FY23. CASA deposits grew by 39% YoY from Rs 47,859 crore as of Q3FY22 to Rs 66,498 crore as of Q3FY23. CASA ratio reduced from 51.6% as of Q3FY22 to 50% as of Q3FY23. Retail deposits constitute 77% of total customer deposits as of Q3FY23. Legacy high-cost borrowings reduced from Rs 26,163 crore as of Q3FY22 to Rs 18,762 crore as of Q3FY23. Funded Assets: Funded assets (including advances & credit substitutes) increased by 25% YoY from Rs 1,21,419 crore as of Q3FY22 to Rs 1,52,152 crore as of Q3FY23. The bank continues to wind down infrastructure financing as per stated strategy. Infrastructure financing reduced by 31% on a YoY basis and now constitutes only 3.7% of total funded assets as of Q3FY23. Exposure to top 20 single borrowers reduced from 11% as of Q3FY22 to 7% as of Q3FY23. Profitability: Net profit for 9MFY23 increased to Rs 1,635 crore from net loss of Rs 197 crore in 9MFY22. Net profit for Q3FY23 grew 115% YoY from Rs 281 crore in Q3FY22 to Rs 605 crore in Q3FY23 driven by strong growth in core operating income. Net Interest Income (NII) grew 27% YoY from Rs 2,580 crore in Q3FY22 to Rs 3,285 crore in Q3FY23. Fee and other income grew by 50% YoY from Rs 744 crore in Q3FY22 to Rs 1,117 crore in Q3FY23. Retail fees constitute 91% of the overall fees for the quarter Q3FY23. While the core operating income (NII plus fees, excluding trading gains) grew 32% from Rs 3,324 crore in Q3FY22 to Rs 4,402 crore in Q3FY23, the operating expense grew slower than income growth at only 23% YoY from Rs 2,579 crore in Q3FY22 to Rs 3,177 crore in Q3FY23, thus resulting in improved operating leverage. Consequently, the core operating profit (excluding trading gains) grew strongly by 64% YoY from Rs 745 crore in Q3FY22 to Rs 1,225 crore for the quarter Q3FY23. Provisions increased 15% YoY from Rs 392 crore in Q3FY22 to Rs 450 crore in Q3FY23. The credit cost (quarterly annualized) as % of average funded assets for Q3FY23 was 1.2%. For 9MFY23, the annualized credit cost was 1.1% against the provided guidance of 1.5% for FY23. The RoA (annualized) improved from 0.64% in Q3FY22 to 1.11% in Q3FY23 The RoE (annualized) improved from 5.44% in Q3FY22 to 10.72% in Q3FY23. Capital Position & Liquidity: Capital Adequacy (including profits for 9MFY23) of the bank was strong at 16.06% with CET-1 Ratio of 13.49% as of Q3FY23. Average LCR was strong at 122% for the quarter ending in Q3FY23. Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are happy to state that we have now built a strong foundation for the bank with CASA ratio at 50% and strong retail deposit franchise contributing 77% of the overall customer deposits. The deposit franchise continues to grow strong at the bank based on our customer friendly products & services, excellent customer service, strong brand known for corporate governance, ethics and digital innovations. We are now confident of growing our loan book in a stable manner on this strong platform. We are happy to share that our asset quality continues to remain strong. On the retail side, where our bank particularly specializes in, the gross NPA has come down to 1.87% and the net NPA has come down to 0.70%, against the guidance of GNPA and NNPA of 2% and 1% respectively. Even at the overall bank-level, both the Gross and Net NPA improved to 2.96% and 1.03% respectively from 3.96% and 1.74% last year same time. We are confident that our improvement trend would continue going forward as the issues on legacy wholesale book, especially in infrastructure finance, are addressed and the book continues to run down. We are happy to state that we have registered our highest-ever profit of Rs 605 crore in Q3FY23 and our return on equity has now moved firmly into double digits. We thank all our stakeholders for their confidence and support during the last many years and we believe we are all set to deliver strong financial performance from here on. We continue to focus on building a strong culture of customer friendliness, customer service ethics and high levels of corporate governance in the bank in terms of our customer practices.” Result PDF
23-01-2023
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