Buy IDFC First Bank, target price Rs 65: ICICI Direct

ICICI Direct has buy call on IDFC First Bank with a target price of Rs 65. The current market price of IDFC First Bank Ltd. is Rs 47.2. Time period given by analyst is one year when IDFC First Bank Ltd. price can reach defined target.

IDFC First Bank Ltd., incorporated in the year 2014, is a banking company (having a market cap of Rs 28963.03 Crore).

IDFC First Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 5198.58 Crore, up 7.63 % from last quarter Total Income of Rs 4830.14 Crore and up 7.50 % from last year same quarter Total Income of Rs 4835.86 Crore. The bank reported net profit after tax of Rs 290.21 Crore in latest quarter.

Investment Rationale
The IDFC First stock has given flattish returns in the past one year owing to some overhangs in asset quality but the brokerage believes with improving outlook on the same should reflect positively.

Promoter/FII Holdings
Promoters held 36.52 per cent stake in the company as of 30-Sep-2021, while FIIs owned 20.68 per cent, DIIs 4.26 per cent.