Stock Name : IDFC First Bank/Tips Open Buy : 63 Posted Date : Feb 28, 2021
Stopless/Horizon : 60 Target : 72

Overview: IDFC FIRST Bank was founded by the merger of IDFC Bank and Capital First. The Bank provides a range of financial solutions to individuals, small businesses, and corporates. The bank’s market capitalization is Rs 35,566.01 Crore.

About the company: IDFC FIRST came into effect on December 18, 2018, after the merger of IDFC Bank Ltd (IDFC Bank) and CFL (Capital First Limited).

IDFC initially established as IDFC Ltd in 1994, later in 2014, IDFC Ltd got a banking license from the RBI, and IDFC Bank launched operations on October 1, 2015. All the lending business of IDFC Ltd was transferred to IDFC Bank.IDFC Bank had assets under management (AUM) of Rs 75,337 crore (as on September 30, 2018)
CFL was founded by Mr. V. Vaidyanathanin 2012 after the acquisition of an existing NBFC. CFL focussed primarily on retail, focused on small entrepreneurs and the consumer segment. CFL’s AUM was Rs 32,622 crore as of September 30, 2018.

IDFC Bank and CFL and its subsidiaries were formally merged and the entity was renamed IDFC FIRST. The bank has three business verticals: corporate banking, consumer banking, and rural banking.

The Bank offers savings and current accounts, NRI accounts, salary accounts, Demat accounts, fixed and recurring deposits, home and personal loans, two-wheeler loans, consumer durable loans, small business loans, forex products, payment solutions, and wealth management services.

IDFC FIRST Bank has a nationwide presence and a network of 424 branches as of December 31, 2019. Additionally, it has 567 business correspondent branches and 272 automated teller machines (ATMs) across the country.
Management: Mr. V. Vaidyanathan is the MD and CEO of the bank.

Shareholding Pattern:
• Promoter: 40%
• MF: 2.9%
• FII: 11.6%
• Other Institutions: 13.1%
• Public: 32.5%

Sales Report: In the quarter ended 31st December 2020, the bank has reported a Consolidated Total Income of Rs 4,835.86 Crore, which is up 18.49 % from last quarter’s Total Income of Rs 4,081.34 Crore and up 1.21 % from previous year corresponding quarter Total Income of Rs 4,778.21 Crore. In this latest quarter, IDFC First Bank Limited has reported a net profit after tax of Rs 137.15 Crore.

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