IDFC First Bank remains subdued

IDFC First Bank is steadfast since morning among the top three losers on the BSE. The stock opened itself with a loss of 6% at Rs.46.40, going down over 10% to Rs.44.20. Its 52-week low is at Rs.32.70.

IDFC First Bank was founded on 18th Dec’18 on merger of IDFC Bank and Capital First, the first merger between an NBFC and a commercial Bank.

The Bank posted a loss of Rs.218 crore for the fourth quarter, mainly on account of the Rs.419 crore provisioning. This was made on three exposures of Rs.2,794 crore. The bank does not have any exposure to IL&FS or Jet Airways.

For the full financial year 2018-19, IDFC First Bank posted a net loss of Rs.1,944 crore as compared to a net profit of Rs.859 crore. The bank said that this included accelerated goodwill amortisation on merger of Rs.2,599 crore and tax credits of Rs.1,351 crore.