Building a sustainable franchise

Company
21 May 2024
5 Min read 
  • Mr. V. Vaidyanathan is the MD & CEO of IDFC First Bank.
  •  The bank aims for robust loan growth and improved granularity.
  •  Strong tech platform and digital presence aid customer experience and deposits.
  •  The bank has been retiring high-cost borrowings and improving deposit base.
  •  Asset quality remains steady with controlled SMA 1 & 2.
  •  The bank expects to deliver a PPoP/PAT CAGR of 35%/30% over FY24-26E.
  •  The bank has built a strong retail franchise and is focusing on a diversified retail portfolio.
  •  The bank may look at a capital raise during FY25 to support growth.
  •  Reiterate Neutral with a TP of INR88.
  •  The bank has significantly improved its PSL compliance and met all the requirements in FY24.
  •  The bank expects lending yields to remain broadly stable.
  •  The bank has a strong digital stack and has shown healthy growth across segments.
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