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IDFC First Bank

Summary

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] It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.[8]

IDFC FIRST Bank
Company typePrivate sector bank
BSE: 539437
NSE: IDFCFIRSTB
ISININE092T01019
IndustryBanking
Financial services
PredecessorIDFC Bank
Capital First Ltd.
FoundedOctober 2015; 8 years ago (2015-10)
HeadquartersMumbai, Maharashtra, India
Key people
V. Vaidyanathan
(MD & CEO) [1]
Products
RevenueIncrease₹22,728 crore (US$2.8 billion) (2023)[2]
Increase ₹3,331 crore (US$420 million) (2023)[2]
Increase ₹2,485 crore (US$310 million) (2023)[2]
Total assetsIncrease ₹239,882 crore (US$30 billion) (2023)[3]
Total equityIncrease ₹6,618 crore (US$830 million) (2023)[3]
Number of employees
20,222 (March 2020)
ParentInfrastructure Development Finance Company
Subsidiaries
Capital ratio13.28% [2]
Rating
Websitewww.idfcfirstbank.com

History edit

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.[9]

IDFC Bank started operations on 1 October 2015,[10] with 23 branches in Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata. It has more than 600 branches across India by 2021.[9][11] 15 branches are in settlements with a population of less than 10,000. IDFC Bank launched its 100th branch in Honnali, Karnataka, in October 2017.[12]

In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger.[13] 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.[14] The company grew its loan book and net profits at a 5-year CAGR of 29% and 56%, respectively, with a gross non-performing assets (gross NPA) of <2% and a net NPA of <1% for nearly a decade.[15]

In this period, Capital First witnessed a significant increase in its total loan book, which rose from ₹9.35 billion to ₹295.68 billion (as of June 30, 2018). The company also experienced growth in its market capitalization, reaching ₹7.9 billion by March 31, 2018. Furthermore, it reduced its NPA from 5.28% to 1.72% by adhering to the 90-day past due recognition norm. Additionally, Capital First obtained an upgraded long-term credit rating of AAA.[16]

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.[17] 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.[18]

Merger edit

The Reserve Bank has 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.[19]

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.[20][21]

The parent entity, IDFC Limited, retained the AMC, Institutional Broking, and Infrastructure Debt Fund businesses through IDFC Financial Holding Company Limited (NOFHC).[22]

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.[23] The promoter group comprises both of these organisations as members.[24]

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.[25][26] In the mid of October 2023, the bank obtained clearance from the Competition Commission of India for its merger.[27][28] 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.[29][30]

Shareholding edit

Shareholder Group Percentage
Promoters (including IDFC Limited's proposed investment) 40.00
Foreign Institutional Investors (FIIs) 24.48
Domestic Institutional Investors (DIIs) 9.50
Public Shareholding 26.02
Other 2.22

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.[31] 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.[32]

Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan.[33]

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%.[34][35]

Operations edit

The bank begin to grow its loans with a particular focus on retail as it comes out of nearly four-year self-imposed restrictions on growth while building the deposit franchise.[36] As of 22 October 2022, IDFC First Bank reports a 266 per cent jump in its net profit at ₹556 crore for the quarter ended September 2022.[37] Its core operating income (excluding trading gains) rose by 35 per cent from a year ago to ₹3,947 crore in Q2 of 2022-23 fiscal year. Net interest income climbed 32 per cent at ₹3,002 crore, while fee and other income spurted by 44 per cent to ₹945 crore in the September quarter of FY23.[38][39]

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.[40][41]

Transformation edit

IDFC FIRST Bank reached a ROA of 1% within three and a half years.[42] 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 increased retail deposits from 27% to 76% of total deposits.[43]

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

As of August 2023, there has been a decline of 357 basis points in the CASA ratio due to customers' transition from savings accounts to fixed deposits. Furthermore, additional funds are predominantly originating from term deposits rather than CASA. Considering the current interest rate scenario in the country, the CASA ratio might experience a slight reduction from its existing level of 46.5 percent.[46]

Products and services edit

The bank provides products and services related to retail banking, wholesale banking and investment banking. But, among other products, home loans continue to be the biggest growth drivers for the bank.[47] The company also offers one of the highest interest rate for saving accounts in the country, with an interest rate of 6%.[48][49][50]

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. This application is anticipated to facilitate transactions for small merchants through ONDC's electronic network.[51][52]

Environmental, social, and governance edit

  • IDFC FIRST Bharat Limited (IFBL) originated from Tamil Nadu-based Grama Vidiyal, established in 1986 as a Public Charitable Trust. In 2003, it evolved into Grama Vidiyal Micro Finance Limited (GVMFL) with dual focus on financial inclusion sustainability and women and family development. In 2016, IDFC Bank acquired GVMFL, renaming it IDFC Bharat Limited, operating as a wholly-owned subsidiary of IDFC Bank.[53][54] Following the merger with Capital First Limited, it became IDFC FIRST Bharat Limited.[55]

Financials edit

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.[56]

Milestones edit

  • 2003 - The company raised $200 million for the India Development Fund, the first infrastructure-focused private equity fund.[57]
  • 2009 - IDFC signs the UNGC Global Compact.[58]
  • 2010 - Infrastructure Development Finance Corporation (IDFC) has raised ₹2,654 crore by a qualified institutional placement (QIP), attracting demand for twice the shares on offer, according to an advisor to the sale.[59]
  • 2013 - IDFC becomes the first Indian institution to adopt Equator principles.[60]
  • 2014 - RBI grants a banking license to IDFC Bank.[61]
  • 2017 - The bank IDFC Bank is the first in India to launch an Aadhaar-linked cashless merchant solution.[62][63]
  • 2018 - IDFC Bank merged with Capital First to create IDFC First Bank.[64]
  • 2020 - The bank announced that it has signed Amitabh Bachchan, as its first brand ambassador.[65]
  • 2021 - It announced the entry into the credit card sector with low interest rates and interest free credit in 2021.[66]
  • 2023 - Launches central bank digital currency under the guidance of the RBI.[67]
  • 2023 - The bank secured exclusive sponsorship rights for all Board of Control for Cricket in India's international and domestic home matches.[68][69] Also, it became the top 10 most valuable publicly traded banks in India, with a market capitalization of Rs 66,386.78 crore.[70][71]
  • 2023 - Launched a UPI-based digital RuPay credit card.[72]
  • 2024 - Partnered with Infibeam's CCAvenue for country-wide credit card EMI solutions.[73]

Philanthropy edit

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.[74] 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'.[75]

Awards and recognitions edit

2019 edit

2021 edit

2022 edit

2023 edit

  • Capital Finance International's Outstanding Commitment to ESG Performance (India) for the year 2023[84]

Gallery edit

IDFC First Bank branches and ATMs
more images can be found on wiki commons.

See also edit

References edit

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