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IDFC First Bank

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IDFC FIRST Bank
Company typePrivate sector bank
BSE: 539437
NSE: IDFCFIRSTB
ISININE092T01019
IndustryBanking
Financial services
PredecessorIDFC Bank
Capital First Ltd.
FoundedOctober 2015; 9 years ago (2015-10)
HeadquartersMumbai, Maharashtra, India
Key people
V. Vaidyanathan (MD & CEO)
Products
RevenueIncrease ₹36,257 crore (US$4.3 billion) (2024)[1]
Increase ₹6,239 crore (US$750 million) (2024)[1]
Increase ₹2,942 crore (US$350 million) (2024)[1]
Total assetsIncrease ₹296,210 crore (US$35 billion) (2024)[2]
Total equityIncrease ₹25,145 crore (US$3.0 billion) (2024)[2]
Number of employees
20,222 (March 2020)
ParentInfrastructure Development Finance Company
Subsidiaries
Capital ratio13.28% [1]
Rating
Websitewww.idfcfirstbank.com

IDFC First Bank (stylised as 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, which was an Indian non-bank financial institution.[10]

IDFC First Bank got privatized on 1st October 2024 by reverse merger with parent IDFC Ltd, a Government of India entity.[11]

History

[edit]

IDFC Limited was set up in 1997 by Government of India 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 the Prime Minister of India Narendra Modi in October 2015.[12][13]

IDFC Bank started operations on 1 October 2015.[14][15]

In January 2018, IDFC Bank and non-banking financial company Capital First announced a merger, , resulting in a combined loan asset book of Rs 1.03 trillion under the newly formed IDFC First Bank.[16] 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.[17][18] As per the September 2017 stock filing, Capital First had a retail loan portfolio of Rs 229.7 billion, serving three million customers across 228 locations. In the same quarter, the company reported a gross NPA ratio of 1.63% and a net NPA ratio of 1%.[19] In 2018, Capital First obtained an upgraded long-term credit rating of AAA. It was an Indian non-bank financial institution providing debt financing to small and medium-sized enterprises.[20]

Merger

[edit]

Post the merger, Vaidyanathan took over as the MD and CEO of the merged entity. The Reserve Bank of India approved his appointment for a period of three years, effective from December 19, 2018.[21] 13.9 shares of IDFC Bank were issued for every share of Capital First as part of the merger scheme.[22][23]

IDFC Bank had faced challenges due to bad loans from legacy infrastructure accounts. Its stock once traded 4.3% lower than its listing price, partly due to the breakup of the planned merger with the Shriram Group. While the bank has made efforts to improve its assets, it has not provided clear guidance on its liabilities. By September 2017, bank's deposits was totaled Rs 38,890 crore, with only 8.2% in current and savings accounts.[24]

As of 3 July 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]

On 17 May 2024, the NCLT convened via video conferencing to approve the merger proposal between IDFC First Bank and IDFC Limited. The proposal, endorsed by the bank's shareholders and NCD holders, involves two steps: IDFC FHCL merging with IDFC Limited, followed by IDFC Limited merging into IDFC First Bank.[31][32]

On 1 October 2024, IDFC Limited merged with the bank.[33] As a result of the merger, 155 equity shares of the bank were allotted for every 100 equity shares of IDFC Limited held by each shareholder in the latter.[34]

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.[35] 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.[36]

Also, on 22 February 2023, the bank issued 12,03,745 equity shares to its employees under the company ESOP plan.[37]

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%.[38][39]

The parent entity, IDFC Limited, retained the AMC, Institutional Broking, and Infrastructure Debt Fund businesses through IDFC Financial Holding Company Limited (NOFHC).[40]

In July 2024, Life Insurance Corporation raised its stake in the bank to 2.68% by purchasing shares of the lender at Rs 80.63 each, with a total acquisition cost of ₹1,500 crore (US$180 million).[41]

Operations

[edit]
A branch of IDFC First Bank in Prabhadevi, Mumbai

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.[42][43]

As of November 2022, the bank had 809 branches, 249 asset service centres, 925 ATMs, and 606 rural business correspondent centres across the country.[44][45][46]

Products and services

[edit]
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.[47][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.[51][52]

Environmental, social, and governance

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

Financials

[edit]

The bank achieved a profit after tax (PAT) of ₹2,957 crore (US$350 million) crore in the financial year 2024, maintaining a capital adequacy ratio of 16.82%. The bank's retail loans showing a gross non-performing asset (NPA) ratio of 1.88% and a net NPA ratio of 0.60% as of March 31, 2024.[56] As of 30 September 2024, the overall gross NPA ratio is 1.92%, while the net NPA ratio is 0.48%.[57]

Milestones

[edit]
  • 2003 - The company raised $200 million for the India Development Fund, the first infrastructure-focused private equity fund.[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]
  • 2022 - IDFC signs the UNGC Global Compact.[67][68]
  • 2022 - The bank becomes first Indian bank to be the member of Task Force on Climate-Related Financial Disclosures.[69]
  • 2023 - Launches central bank digital currency under the guidance of the RBI.[70]
  • 2023 - The bank secured exclusive sponsorship rights for all Board of Control for Cricket in India's international and domestic home matches.[71][72] Also, it became the top 10 most valuable publicly traded banks in India, with a market capitalization of Rs 66,386.78 crore.[73][74]
  • 2023 - Launched a UPI-based digital RuPay credit card.[75]
  • 2024 - Partnered with Infibeam's CCAvenue for country-wide credit card EMI solutions.[76]
  • 2024 - Declared as "Category A" commercial bank as per joint Indian Institute of Technology Bombay-Moneylife Foundation report.[77]

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.[78] 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'.[79]

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[88]

See also

[edit]
Wikimedia Commons has media related to IDFC FIRST Bank.

References

[edit]
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Further reading

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