External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

IDFC First Bank Limited / Equity Bottom-Up

<ul><li>Deposit Growth Temporarily Impacted; Recovery Underway: In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and a one-off incident at the Haryana branch.</li><li>Encouragingly, early trends in Apr’26 indicate a revival in deposit accretion momentum, supported by sustained customer acquisition, thereby suggesting a return to normalised growth in the near term.</li><li>Management remains confident of returning to ~5% QoQ growth from Q1 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Deposit Growth Temporarily Impacted; Recovery Underway: In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and a one-off incident at the Haryana branch.Encouragingly, early trends in Apr’26 indicate a revival in deposit accretion momentum, supported by sustained customer acquisition, thereby suggesting a return to normalised growth in the near term.Management remains confident of returning to ~5% QoQ growth from Q1 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFC First Bank Ltd - Steady Recovery Underway; Operating Leverage to Drive RoA Improvement

<ul><li>IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of Haryana seeking closure of its account at the bank’s Chandigarh branch and transfer of the balance to another bank.</li><li>During the reconciliation process, IDFCFB identified a mismatch between the balance recorded in its books and the amount claimed.</li><li>Following this incident, IDFCFB has been de-empanelled for the government business by the Government of Haryana with immediate effect.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of Haryana seeking closure of its account at the bank’s Chandigarh branch and transfer of the balance to another bank.During the reconciliation process, IDFCFB identified a mismatch between the balance recorded in its books and the amount claimed.Following this incident, IDFCFB has been de-empanelled for the government business by the Government of Haryana with immediate effect.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFC First Bank Ltd.  - Fraud Incident to Weigh on Near-Term Profitability...

<ul><li>Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153 Cr in Q3.</li><li>The bank also utilised provisions to the tune of Rs 75 Cr to account for the lower MFI stress during the quarter.</li><li>The MFI portfolio asset metrics are showing signs of recovery with CE nearing pre-downcycle levels. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153 Cr in Q3.The bank also utilised provisions to the tune of Rs 75 Cr to account for the lower MFI stress during the quarter.The MFI portfolio asset metrics are showing signs of recovery with CE nearing pre-downcycle levels. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFC First Bank Ltd.  - Lower Credit Costs + Improving Opex Ratios = 1.2% RoA by FY28E

<ul><li>H2 Credit Costs to Improve Led by MFI Recovery: IDFCFB continued to report elevated credit costs on the back of persistent stress in the MFI pool, seasonal weakness seen in Q1 and on account of one large corporate account (ATM service provider) slipping into NPA.</li><li>The management expects the MFI stress to subside over the coming quarters, driving credit costs lower.</li><li>Currently, the bank does not expect any meaningful stress to flow from any particular segment, especially MSME. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

H2 Credit Costs to Improve Led by MFI Recovery: IDFCFB continued to report elevated credit costs on the back of persistent stress in the MFI pool, seasonal weakness seen in Q1 and on account of one large corporate account (ATM service provider) slipping into NPA.The management expects the MFI stress to subside over the coming quarters, driving credit costs lower.Currently, the bank does not expect any meaningful stress to flow from any particular segment, especially MSME. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDFC First Bank Ltd - NIMs to Bottom-Out in Q2; Credit Cost Outlook Favourable!

<ul><li>Asset Quality in MFI on the mend: The bank has seen a gradual recovery in collection efficiency (CE) over Q4FY25, which bounced back to 99.2% (~99.4% ex-Karnataka) vs. 96.9% in Dec’24.</li><li>Moreover, the bank has seen a significant reduction in SMA pool in absolute terms (% SMA continued to increase on a de-growing portfolio), indicating lower incremental stress formation.</li><li>Thus, the management has indicated that the credit costs in the MFI portfolio have peaked out and should recede from Q1FY26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asset Quality in MFI on the mend: The bank has seen a gradual recovery in collection efficiency (CE) over Q4FY25, which bounced back to 99.2% (~99.4% ex-Karnataka) vs. 96.9% in Dec’24.Moreover, the bank has seen a significant reduction in SMA pool in absolute terms (% SMA continued to increase on a de-growing portfolio), indicating lower incremental stress formation.Thus, the management has indicated that the credit costs in the MFI portfolio have peaked out and should recede from Q1FY26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: IDFC First Bank Ltd - 02nd July, 2025

India

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

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IDFC First Bank Limited (IDFCFB IN)

IDFC First Bank Ltd - Steady Recovery Underway; Operating Leverage to Drive RoA Improvement

In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and...

Axis Direct

IDFC First Bank Ltd. - Fraud Incident to Weigh on Near-Term Profitability...

IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of...

Axis Direct

IDFC First Bank Ltd. - Lower Credit Costs + Improving Opex Ratios = 1.2% RoA by FY28E

Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153...

Axis Direct

IDFC First Bank Ltd - NIMs to Bottom-Out in Q2; Credit Cost Outlook Favourable!

The management does not expect any negative surprises on the asset quality and has guided for credit costs to be contained at 2-2.05% in FY26 and...

Axis Direct

Axis Punch: IDFC First Bank Ltd - 02nd July, 2025

Asset Quality in MFI on the mend: The bank has seen a gradual recovery in collection efficiency (CE) over Q4FY25, which bounced back to 99.2%...

Axis Direct

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