IDFC First Bank

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IDFC FIRST Bank
Company typePrivate sector bank
BSE:  539437
NSE:  IDFCFIRSTB
ISIN INE092T01019
Industry Banking
Financial services
PredecessorIDFC Bank
Capital First Ltd.
FoundedOctober 2015;8 years ago (2015-10)
Headquarters Mumbai, Maharashtra, India
Key people
 V. Vaidyanathan (MD & CEO) [1]
Products
RevenueIncrease2.svg₹36,257 crore (US$4.5 billion) (2024) [2]
Increase2.svg₹6,239 crore (US$780 million) (2024) [2]
Increase2.svg₹2,942 crore (US$370 million) (2024) [2]
Total assets Increase2.svg₹296,210 crore (US$37 billion) (2024) [3]
Total equity Increase2.svg₹25,145 crore (US$3.1 billion) (2024) [3]
Number of employees
20,222 (March 2020)
Parent Infrastructure Development Finance Company
Subsidiaries
Capital ratio 13.28% [2]
Rating
Website www.idfcfirstbank.com

IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution. [7]

Contents

History

IDFC Limited was set up in 1997 to finance infrastructure projects in India. With time, the company diversified into asset management, institutional broking and investment banking. In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015. [8]

IDFC Bank started operations on 1 October 2015, [9] with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. [8] [10] IDFC Bank launched its 100th branch in Honnali, Karnataka, in October 2017. [11]

In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger. [12] Capital First, then called Future Capital Holdings, went public on India's stock exchanges in 2008. It was an Indian non-bank financial institution providing debt financing to small and medium-sized enterprises. Capital First was founded in 2012 by V. Vaidyanathan who acquired a stake in Future Capital Holdings and secured equity backing of Rs. 8.10 billion from Warburg Pincus. [13] [14] In 2018, Capital First obtained an upgraded long-term credit rating of AAA. [15]

Between 2008 and 2010, the company started a number of separate businesses through joint ventures. These included financing for real estate developers, corporate credit, private equity, asset management, retail brokerage, foreign exchange, mall management, wealth management, property services, and more. [16] In 2010, V Vaidyanathan, who was serving as MD and CEO of ICICI Prudential Life Insurance at the time, came to an arrangement to purchase ten percent of the company's shares. [17]

Merger

The Reserve Bank approved the appointment of V. Vaidyanathan as Managing Director and CEO of IDFC First Bank for a period of three years, effective from December 19, 2018. [18]

The loan assets and borrowings of IDFC Limited were transferred to IDFC Bank at the time of inception. 13.9 shares of IDFC Bank were issued for every share of Capital First as part of the merger scheme. [19] [20]

The parent entity, IDFC Limited, retained the AMC, Institutional Broking, and Infrastructure Debt Fund businesses through IDFC Financial Holding Company Limited (NOFHC). [21]

The bank, IDFC Financial Holdings, and IDFC all came together to form IDFC in 2021, marking the beginning of the process of a reverse merger. [22] The promoter group comprises both of these organisations as members. [23]

As of July 3, 2023, the board of the bank had approved the merger with IDFC Limited. Shareholders of the latter will receive 155 shares of IDFC FIRST Bank for every 100 shares they currently own in IDFC Limited, as stated in a filing with the stock exchange. [24] [25] In the mid of October 2023, the bank obtained clearance from the Competition Commission of India for its merger. [26] [27] On 18 December 2023, the RBI issued 'no objection' for the bank to merge with IDFC. But the merger still needs approval from the National Company Law Tribunal. [28] [29]

Shareholding

Shareholder GroupPercentage
Promoters (including IDFC Limited's proposed investment)40.00
Foreign Institutional Investors (FIIs)24.48
Domestic Institutional Investors (DIIs)9.50
Public Shareholding26.02
Other2.22

As of September 2023, the promoter holding at the bank is 40.00 the institutional holding is at 24.48, the public holding is at 26.02. [30] But on 22 February 2023, IDFC Limited announced it intention to invest INR 2,200 crores in the bank. This will bring IDFC Limited's current holding in the bank up to 40 percent, from the current level of 36.38 percent. [31]

Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan. [32]

On September 12, 2023, US-based GQG Partners acquired an additional 5.1 crore shares, equivalent to a 0.76% stake, from V. Vaidyanathan in a block deal conducted on the stock exchange. As a result, GQG Partners' ownership in the bank rose to 3.36%. [33] [34]

Operations

A branch of IDFC First Bank in Prabhadevi, Mumbai IDFC First Bank Prabhadevi Branch.jpg
A branch of IDFC First Bank in Prabhadevi, Mumbai

In October 2023, the National Securities Depository Limited finalized a deal to acquire office space from IDFC First Bank at Naman Chambers in Bandra Kurla Complex. This transaction encompassed 68,000 square feet and amounted to ₹198 crore. This decision was to centralize its operations in proximity to its headquarters located at the IDFC FIRST Bank Tower. [35] [36] [37] [38] [39] [40]

The bank transformed from infrastructure to retail banking in four years since the merger, increasing the CASA ratio from 8.6% to 49.77% (March 31, 2023) and retail deposits from 27% to 76% of total deposits. [41] [42]

As of November 2022, the bank had 809 branches, 249 asset service centres, 925 ATMs, and 606 rural business correspondent centres across the country. [43] [44] [45]

Products and services

A branch of IDFC First Bank in HSR Layout, Bangalore IDFC First Bank HSR Layout Sector 1 Branch.jpg
A branch of IDFC First Bank in HSR Layout, Bangalore

The bank provides products and services related to retail banking, wholesale banking and investment banking. [46] [47] [48] [49]

The bank became a member of the Open Network for Digital Commerce in September 2022. Subsequently, it began enrolling small merchants, who are existing customers with current accounts, onto a partner application registered with ONDC. [50] [51]

Environmental, social, and governance

Financials

The bank achieved a profit after tax (PAT) of ₹2,437 crore in the financial year 2023, maintaining a capital adequacy ratio of 16.82%. The bank's retail loans showing a gross non-performing asset (NPA) ratio of 1.65% and a net NPA ratio of 0.55% as of March 31, 2023. The overall gross NPA ratio is 2.51%, while the net NPA ratio is 0.86%. Excluding the infrastructure sector, which is being phased out, the gross NPA and net NPA ratios are 1.84% and 0.86%, respectively. [55]

Milestones

Philanthropy

Under bank’s employee-funded Ghar Ghar Ration program, the bank employees will supply ration kits to 50,000 low income customers whose livelihoods has been impacted by the pandemic. [73] As many as 16,000 beneficiaries have been reached across Rajasthan, Madhya Pradesh, Maharashtra, Odisha, Gujarat, Karnataka, Haryana, Tamil Nadu, Andhra Pradesh, and Chhattisgarh under this program. The lender has also identified 250 vulnerable families who have lost an earning member of their family to COVID-19 with a cash relief support of ₹10,000 in a partnership with 'Give India'. [74]

Awards and recognitions

2019

2021

2022

2023

See also

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