Ind-Ra affirms IDFC First Bank Ltd's rating

India Ratings and Research (Ind-Ra) has affirmed IDFC FIRST Bank Limited's (IDFCFB) debt instruments' ratings at 'IND AA+' with a Negative Outlook.

Ind-Ra has maintained a Negative Outlook to reflect the asset quality challenges that could persist on account of COVID-19 especially in IDFCFB's retail segment and also the ongoing uncertainty regarding its one large telecom exposure, resulting in higher provision and credit cost. This could lead to a moderation in the operating performance and dilute capital buffers. However, the bank has raised capital to the tune of INR50 billion, built-up adequate capital buffers for incremental provision requirements, strengthened liability franchise and improved funding profile both by reduction in cost and reduced concentration and increased granularity of asset profile.

Shares of IDFC FIRST BANK LIMITED was last trading in BSE at Rs. 49.15 as compared to the previous close of Rs. 47.8. The total number of shares traded during the day was 3425788 in over 14628 trades.

The stock hit an intraday high of Rs. 49.5 and intraday low of 48.05. The net turnover during the day was Rs. 166735913.

Source : Equity Bulls

Keywords