ICICI Direct has given Buy recommendation for IDFC First Bank with a target price of Rs. 56 in its research report issued on May 02, 2022

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 72% of total funded assets • Branch network is at 641 as on March 2022.

Outlook

We retain our BUY rating on the stock. We value IDFC First Bank at ~1.4x FY24E ABV to arrive at revised target price of Rs 56 per share.

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