Axis Securities initiates coverage on IDFC First Bank, sees 31% upside

“We expect the bank to continue its journey moving forward to further augment its ROA/ROE by leveraging powerful unit economics, incremental retail lending business at an ROE of 18-20%, improving branch productivity with normalized cost-to-income ratio and scaling up its fee income from new business launches like Wealth, FASTag, credit card, CMS, among others.

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