Buy IDFC First Bank; target of Rs 50: ICICI Direct

ICICI Direct's research report on IDFC First Bank

IDFC First Bank was formed by the merger of the erstwhile IDFC Bank and Capital First in 2018. Retailisation of its business has been the key focus. Retail and commercial funded assets form 74% of total funded assets • Branch network is at 651 as on June 2022.

Outlook

We retain our BUY rating on the stock. We value IDFC First Bank at ~1.35x FY24E ABV to arrive at revised target price of Rs 50 per share.

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