IDFC FIRST BANK LIMITED — Capital/Financing Update 2021

Jul 1, 2021

July 01, 2021

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IDFCFIRSTBANK/SD/101/2021-22

The Manager - Listing Department The Manager - Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C – 1, G – Block Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (East) Dalal Street, Fort Mumbai 400 051. Mumbai 400 001. Tel No.: 022 – 2659 8237/ 38 Tel No.: 022 – 2272 2039/ 37/ 3121 NSE - Symbol: IDFCFIRSTB BSE - Scrip Code: 539437

• Sub.: Update on the Ratings of the Debt Instruments (Non-Convertible Debentures [‘NCDs’] and Certificate of Deposits) of IDFC FIRST Bank Limited (the ‘Bank’).

Ref.: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘SEBI Listing Regulations’).

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI Listing Regulations, we wish to inform that ICRA Limited (‘ICRA’) has re-affirmed the rating of Bank’s NCDs (Rs. 27,691.84 crore) at ‘[ICRA] AA’ with ‘Stable’ outlook and have re-affirmed ([ICRA] AA) & withdrawn the rating assigned to Rs. 4,906.89 crore NCDs due to its payment (NIL outstanding) by the Bank.

Further, ICRA has also re-affirmed ([ICRA] A1+) & withdrawn the rating assigned to Rs. 45,000 crore of the Bank’s Certificate of Deposits, as there is no amount outstanding against the rated instrument.

A detailed Rating Rationale for the above is enclosed herewith.

Request you to take the above on record and acknowledge receipt of the same.

Thanking you,

Yours faithfully, For IDFC FIRST Bank Limited SATISH ASHOK Digitally signed by SATISH ASHOK GAIKWAD GAIKWAD Satish Gaikwad Head – Legal & Company Secretary

Encl.: as above

IDFC FIRST Bank Limited Naman Chambers, C 32, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051. Tel: +91 22 7132 5500 Fax: +91 22 2654 0354 Registered Office: KRM Towers, 7th Floor, No.1, Harrington Road, Chetpet, Chennai - 600 031. Tel: +91 44 4564 4000 Fax: +91 44 4564 4022 CIN: L65110TN2014PLC097792 bank.info@idfcfirstbank.com www.idfcfirstbank.com

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June 30, 2021

IDFC First Bank Limited: Ratings reaffirmed

Summary of rating action

Instrument*	Previous Rated Amount (Rs. crore)	Current Rated Amount (Rs. crore)	Rating Action
Non-convertible Debenture Programme**	17,691.84	17,691.84	[ICRA]AA(Stable);reaffirmed
Non-convertible Debenture Programme**	4,906.89	0.00	[ICRA]AA(Stable); reaffirmed and withdrawn
Non-convertible Debenture Programme	10,000.00^	10,000.00^	[ICRA]AA(Stable);reaffirmed
Certificates of Deposit Programme	45,000.00	0.00	[ICRA]A1+;reaffirmed and withdrawn
Total	77,598.73	27,691.84

Instrument details are provided in Annexure-1;*Non-convertible debentures (NCDs) of erstwhile IDFC Limited reassigned to erstwhile IDFC Bank Limited (now IDFC First Bank Limited – IDFC FIRST) following the transfer of business with effect from October 1, 2015; ^ Rs. 480-crore outstanding balance yet to be placed

Rationale

The ratings reaffirmation factors in the continued granularisation in the asset and liability profile of IDFC First Bank Limited (IDFC FIRST), with meaningful improvement in the current account and savings account (CASA) and retail term deposits leading to lower dependence on wholesale funding. This has also helped the bank lower its deposit rates, which will start reflecting in its improving cost of funds and allow it to compete in relatively less-risky asset segments. The changing assetliability mix continues to support an improvement in the interest margins, even though high operating costs driven by the scale-up of operations continue to be a drag on the operating profitability.

With the Covid-19-induced stress on the asset quality, the bank has tightened the underwriting criterion in the retail segment. The asset quality remains a monitorable, given the high slippages in in the retail book in FY2021 and the stress induced by the second wave of the Covid-19 pandemic. Additionally, with a reduction in the stressed corporate exposures and the recent capital raises, it has moderated in relation to core capital, though it continues to remain high and the bank continues to hold pro-active provisions on the same. Despite the high slippages, the credit cost for FY2021 moderated on the back of the part reversal of proactive provisions on the corporate book. This, coupled with the gains on the bond portfolio, supported the net profitability, which remains modest. These challenges were offset by the large equity capital raise of ~Rs. 5,000 crore during the last 12 months, which is expected to support the growth while maintaining a capital cushion of 3-4% above the regulatory ratios.

Going forward, while the asset quality, profitability and capital may be exposed to the performance of a large corporate book exposure as it is due for repayment in FY2022, it will also be driven by the impact of the second wave on the retail asset quality. The Stable outlook, however, factors in ICRA’s expectations that the bank will improve its solvency and maintain the capital cushions above the negative rating triggers while improving its liability profile with steady growth in retail deposits while maintaining comparatively higher CASA ratio. ICRA also maintains that IDFC FIRST will need to improve its scale of operations and operating leverage to improve its internal capital generation for maintaining the Stable outlook on the rating.

ICRA has withdrawn the ratings assigned to the Rs. 4,906.89-crore non-convertible debentures and the Rs. 45,000-crore certificate of deposit programme as these are fully redeemed and no amount is outstanding against the rated instruments. The ratings were withdrawn in accordance with ICRA’s policy on withdrawal and suspension (click here for the policy).

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Key rating drivers and their description

Credit strengths

– Asset granularisation continues to improve The bank’s overall funded credit assets grew by 9% YoY to Rs. 1.17 lakh crore as on March 31, 2021, driven by its continued focus on building a granular retail book. IDFC FIRST’s wholesale book continues to decline; as a result, the share of the retail book increased to 63% as on March 31, 2021 (54% as on March 31, 2020 and 37% as on March 31, 2019). The retailisation of the loan book remains broadly in line with the bank’s stated strategy of increasing the share of retail advances to 70% of overall advances by FY2023-24. While an increasing share of granular retail assets augurs well for the bank, Covid-19 has adversely impacted the asset quality of the borrowers in this segment, especially the self-employed borrower segment, which constitutes a larger portion of IDFC FIRST’s retail loan book. Over the last year, the bank has tightened the underwriting norms for fresh loan originations, but the impact of the second Covid-19 wave remains a monitorable.

– Capital raise supports capitalisation profile, though internal generation remains modest During the last 12 months, the bank raised equity capital of ~Rs. 5,000 crore (Rs. 2,000 crore in June 2020 and Rs. 3,000 crore in April 2021), which has supported its capitalisation profile despite the modest profitability (return on equity (RoE) of 2.5% in FY2021). The Tier I capital stood at 13.27% as on March 31, 2021 (15.62% including capital raise in April 2021) against 13.30% as on March 31, 2020. As the capital consumption for growth will remain high and the internal accruals may pick up only after a couple of years given the scaling-up of operations, the bank may continue to raise growth capital.

The bank continues to hold provisions against its stressed exposures. However, given the reasonably large exposure to a infrastructure account, its near-term profitability and consequently its capital would remain susceptible to the performance of this account. ICRA expects IDFC FIRST to maintain a cushion of 3-4% over the regulatory capital ratios despite expectations of a modest RoE while maintaining the solvency [(Net non-performing advances (NPAs) + other net stressed assets) / core equity] at a level better than the negative rating triggers.

Strong growth in retail deposits enabling bank to lower cost of funds – IDFC FIRST continued to witness good traction on its deposit franchise in FY2021, with total deposits growth of 36% and the share of retail CASA + retail term deposits improving to 77% of total deposits as on March 31, 2021. Furthermore, the bank’s reliance on wholesale deposits continued to decline and the overall granularity of its deposit base improved with the top 20 depositors declining to ~8% as on March 31, 2021 (20.36% as on March 31, 2020).

While the retail deposit growth has been driven by a comparatively higher interest rate proposition in relation to peer banks, IDFC FIRST cut its deposit rates during the last few months with branch network expansion and build-up of a reasonably large deposit base. This led to the narrowing of the differential with other private sector banks. IDFC FIRST also has the long-term borrowings of erstwhile IDFC Limited and Capital First Limited at ~8.5-9.0% p.a., which continue to constitute a meaningful share of its total borrowings and deposits at ~19% as on March 31, 2021. As these borrowings mature over the next 3-4 years, the overall cost of funds is expected to improve further. With the changing liability profile, the cost of interest-bearing funds declined to 6.26% in Q4 FY2021 (7.41% in Q4 FY2020), although it remained elevated compared to the private banks’ average of 4.15% in Q4 FY2021 (5.20% in Q4 FY2020).

In ICRA’s view, the recent downward revision in deposit rates as well as the gradual increase in the share of deposits (from 54% as on March 31, 2021 to ~70% of total liabilities) will lead to the meaningful narrowing of the gap between the cost of funds and the private sector average from the current level of ~180-190 bps.

Credit challenges

Covid-19 drives high slippages in FY2021; asset quality remains a monitorable – With the impact of Covid-19 on the cash flows of its borrowers, the bank saw an increase in its slippages and credit provisions in FY2021. Gross slippages remained high at Rs. 5,626 crore, representing a fresh NPA generation rate of 6.64%[1] (3.16% in FY2020) largely due to the retail book. The bank’s reported gross NPAs (GNPAs) and NNPAs weakened to 4.18% and 1.87%, respectively, as on March 31, 2021 from

1 Fresh NPA Generation= Slippages/opening standard advances

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2.62% and 0.94%, respectively, as on March 31, 2020. In addition, it restructured (approved and implemented) 0.9% of the total funded assets as on March 31, 2021, which is likely to increase because of the stress induced by the second wave of Covid-19.

Apart from challenges posed to retail asset quality because of second wave of Covid-19, the bank continues to disclose a sizeable share of stressed funded corporate book of ~Rs.4,264 crore as on March 31, 2021. With ~37% provisions on the stressed funded corporate book, the net stressed exposures (including NNPAs and other net stressed assets but excluding SRs) remain sizeable at ~Rs. 4,578 crore, amounting to ~27% of its core equity capital as on March 31, 2021 (~23% including the capital raise in Q1FY2022). Despite provisions being carried by the bank, the ability to resolve and reduce these exposures will be critical as they could impact its future profitability and capital position.

Profitability likely to remain modest in the near term as IDFC FIRST continues to scale up; moreover, asset quality pressure

could remain high – Collectively, the retailisation of assets and liabilities has driven an improvement in the yields on assets and a decline in the cost of funds resulting in an expansion in the net interest margin/average total assets (NIM/ATA) to 4.73% in FY2021 from 3.84% in FY2020 and 2.18% in FY2019. Further, origination fees and non-interest income witnessed an improvement, given the traction in retail loans. However, the ongoing expansion of the branches and investments in information technology (IT) infrastructure have kept the overall operating expenses high at 4.54% of ATA in FY2021 (3.70% in FY2020). Moreover, the bank is expected to continue with its plans to add 200-300 branches in the next 3-4 years (~132 branches added in FY2021). Therefore, the operating costs may continue to increase, which is likely to weigh down the overall operating profitability levels unless supported by higher business volume and comparatively higher income levels. Also, despite the improvement, the operating profitability remains weaker than the private banks’ average of 2.6-2.7% of ATA, thereby leaving thin margins to absorb the credit costs.

Despite high slippages in FY2021, the reported credit costs remained relatively lower at 1.32% of ATA compared to 2.73% in FY2020 mainly due to the reversal of the voluntary provision on the stressed corporate book. Adjusted for the provision reversal as mentioned above, the credit costs for FY2021 are estimated at 2.5% of ATA, which remains high in relation to the bank’s operating profitability. The gains on the bond portfolio supported IDFC FIRST’s overall profitability in FY2021. As a result, the RoA (PAT/ATA) improved to 0.29% in FY2021 from -1.81% in FY2020.

While the changing asset-liability mix will continue to support margin expansion, IDFC FIRST’s ability to achieve an RoA of over 1% by FY2023 depends on its ability to contain slippages in the stressed book as well as scale up its business to benefit from the improved operating leverage and improved cost-to-income ratio.

Liquidity position: Strong

The bank’s liquidity position has seen a steady improvement driven by the improvement in its liability profile. Accordingly, the cumulative mismatches in all the <1-year maturity buckets turned positive, as per the structural liquidity statement as on March 31, 2021, which otherwise were negative in the past. IDFC FIRST has also availed longer-term refinance against its eligible portfolio, which aided its liquidity profile. The bank’s daily average liquidity coverage ratio (LCR) remains comfortably above the Reserve Bank of India’s (RBI) requirement of 100% at 128% in Q1 FY2021, 138% in Q2 FY2021, 132% in Q3 FY2021 and 153% in Q4 FY2021. This, coupled with the RBI’s marginal standing facility, can be used to meet any liquidity requirements in case of temporary liquidity pressure.

Rating sensitivities

Positive factors – ICRA could revise the outlook to Positive or upgrade the rating if there is a sustained improvement in the profitability with RoA>1.4-1.5% along with a sustained improvement in the liability profile with deposits exceeding 70% of the overall liabilities and a reduction in the cost of funds compared to peers. This apart, maintaining strong capital cushions of more than 3-4% over the regulatory levels as well as solvency levels with net stressed assets/core equity at less than 15% will be positive rating triggers.

Negative factors – ICRA could assign a Negative outlook or downgrade the rating if the profitability remains suboptimal on a sustained basis. Additionally, weakening in the asset quality or capital position, leading to the weakening of the solvency

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profile from the current levels, or a reduction in the capital cushions below 3% over the regulatory levels will remain negative triggers.

Analytical approach

Analytical Approach	Comments
Applicable Rating Methodologies	ICRA’s Rating Methodology for Banks
Parent/Group Support	Not applicable
Consolidation/Standalone	Standalone

About the company

IDFC Bank Limited was set up after IDFC Limited received a banking license from RBI in 2014. The infrastructure assets and liabilities of IDFC Limited were demerged from IDFC Limited into IDFC Bank Limited. Apart from GoI, the leading shareholders of IDFC Limited included foreign financial institutions involved in infrastructure development worldwide. IDFC Limited was classified as an infrastructure finance company by the RBI in June 2010. It was granted in-principle approval by the RBI in April 2014 for undertaking banking business in India. IDFC Bank Limited started operations on October 1, 2015 after receiving the final licence from the RBI in July 2015.

Capital First Limited, a non-deposit taking, systemically important, non-banking financial company (NBFC-ND-SI) registered with the RBI, was founded in 2012 by Mr. Vaidyanathan through a management buyout of an existing listed NBFC. The company specialised in providing finance to Indian consumers in the form of home loans, other consumption loans, and to small businesses for working capital, business expansion, plant and machinery purchase, office automation and other such purposes. Following approval from the National Company Law Tribunal (NCLT) for the merger of Capital FIRST Limited and its two subsidiaries with IDFC Bank Limited, which became effective on December 18, 2018, the merged entity was named IDFC FIRST Bank Limited. Mr Vaidyanathan is the MD & CEO of the bank and has about 30 years of experience in managing the retail asset businesses in banks and Capital FIRST Limited.

IDFC FIRST had an asset base of Rs. 1,63,144 crore and a loan book of Rs. 1,00,550 crore (including credit substitutes) as on March 31, 2021. It reported a net profit of Rs. 452 crore in FY2021. The bank’s GNPAs stood at 4.18% and NNPAs at 1.87% as on March 31, 2021. Its capital adequacy stood at 13.77% with Tier I of 13.27% as on March 31, 2021.

Key financial indicators (standalone)

IDFC First Bank		FY2019	FY2020	FY2021
Net Interest Income	Rs. Crore	3,199	6,076	7,380
Profit before tax	Rs. Crore	-3,295	-2,379	476
Profit after tax	Rs. Crore	-1,944	-2,864	452
Net advances	Rs. Crore	86,302	85,595	1,00,550
Total assets	Rs. Crore	1,67,185	1,49,200	1,63,144
% CET	%	15.28%	13.30%	13.27%
% Tier I	%	15.28%	13.30%	13.27%
% CRAR	%	15.47%	13.38%	13.77%
% Net interest margin/Average total assets	%	2.18%	3.84%	4.73%
% Netprofit/Average total assets	%	-1.32%	-1.81%	0.29%
% Return on net worth	%	-10.71%	-18.67%	2.54%
% Gross NPAs	%	2.45%	2.62%	4.18%
% Net NPAs	%	1.28%	0.94%	1.87%
% Provision coverage excl. technical write-offs	%	48%	65%	56%
% Net NPA/Core capital	%	6.4%	5.5%	11.09%

Source: IDFC First Bank Limited, ICRA research; All ratios as per ICRA calculations

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Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

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Rating history for past three years

Name of Instrument	Current Rating	Current Rating				Chronology of Rating History for the Past 3 Years	Chronology of Rating History for the Past 3 Years	Chronology of Rating History for the Past 3 Years	Chronology of Rating History for the Past 3 Years
	FY2022				Date & Rating in FY2021	Date & Rating in FY2020	Date & Rating
								in FY2019
	**Type **	(Rs. crore)	(Rs. crore)							Jun 12, 2018
	Amount Rated	Amount	Amount	Jun 30, 2021	Jun 8, 2020	May 21, 2019	Jan 9, 2019	Dec 21, 2018	Nov 14, 2018
		Rated	Outstanding
Non-convertible Debenture Programme	Long Term	10,000.00	480.00&	[ICRA]AA (Stable); reaffirmed	[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AAA (Stable)
Non-convertible Debenture Programme*	Long Term	17,691.84	17,691.84	[ICRA]AA (Stable) reaffirmed	[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AAA (Stable)
Non-convertible Debenture Programme*	Long Term	4906.89	-	[ICRA]AA (Stable) reaffirmed and withdrawn	[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AA+ (Stable)	[ICRA]AAA (Stable)
Certificates of Deposit	Short Term	45,000.00	NA	[ICRA]A1+; reaffirmed and withdrawn	[ICRA]A1+;	[ICRA]A1+;	[ICRA]A1+;	[ICRA]A1+;	[ICRA]A1+	[ICRA]A1+
								assigned

* NCDs of IDFC Limited reassigned to IDFC Bank Limited following the transfer of business with effect from October 1, 2015

& Balance amount is yet to be placed

Complexity level of the rated instruments

Instrument	Complexity Indicator
Non-convertible Debenture Programme	VerySimple
Certificates of Deposit	VerySimple

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments are available on ICRA’s website: Click Here

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Annexure-1: Instrument details

ISIN	Instrument Name	Date of Issuance / Sanction	Coupon Rate	Maturity Date	Amount Rated	Current Rating and Outlook
					(Rs. crore)
INE092T08014	NCD	January17,2006	7.75%	January17,2026	199.7	[ICRA]AA(Stable)
INE092T08246	NCD	August 25,2009	9.15%	August 25,2024	150	[ICRA]AA(Stable)
INE092T08253	NCD	August 31,2009	9.05%	August 31,2024	150	[ICRA]AA(Stable)
INE092T08279	NCD	September 15,2009	9.00%	September 15,2024	50	[ICRA]AA(Stable)
INE092T08378	NCD	January15,2010	8.83%	January15,2025	100	[ICRA]AA(Stable)
INE092T08386	NCD	January15,2010	8.81%	January15,2025	100	[ICRA]AA(Stable)
INE092T08394	NCD	January27,2010	8.80%	January27,2025	200	[ICRA]AA(Stable)
INE092T08428	NCD	April 5,2010	9.03%	April 5,2025	250	[ICRA]AA(Stable)
INE092T08436	NCD	April 5,2010	8.96%	April 5,2025	250	[ICRA]AA(Stable)
INE092T08444	NCD	April 9,2010	8.90%	April 9,2025	250	[ICRA]AA(Stable)
INE092T08451	NCD	April 28,2010	8.90%	April 28,2025	350	[ICRA]AA(Stable)
INE092T08469	NCD	May13,2010	8.95%	May13,2025	500	[ICRA]AA(Stable)
INE092T08485	NCD	May28,2010	8.84%	May28,2025	200	[ICRA]AA(Stable)
INE092T08493	NCD	June 15,2010	8.80%	June 15,2025	200	[ICRA]AA(Stable)
INE092T08501	NCD	July8,2010	8.80%	July8,2025	200	[ICRA]AA(Stable)
INE092T08519	NCD	July21,2010	8.80%	July21,2025	300	[ICRA]AA(Stable)
INE092T08527	NCD	August 6,2010	8.95%	August 6,2025	200	[ICRA]AA(Stable)
INE092T08543	NCD	September 15,2010	8.89%	September 15,2025	100	[ICRA]AA(Stable)
INE092T08568	NCD	September 20,2010	8.86%	September 20,2025	120	[ICRA]AA(Stable)
INE092T08584	NCD	September 29,2010	8.82%	September 29,2025	260	[ICRA]AA(Stable)
INE092T08592	NCD	November 19,2010	8.90%	November 19,2025	260	[ICRA]AA(Stable)
INE092T08626	NCD	January6,2011	9.15%	January6,2026	208	[ICRA]AA(Stable)
INE092T08CK9	NCD	December 30,2011	9.00%	December 30,2021	73.73	[ICRA]AA(Stable)
INE092T08CL7	NCD	December 30,2011	9.00%	December 30,2021	199.11	[ICRA]AA(Stable)
INE092T08CM5	NCD	March 21,2012	8.70%	March 21,2022	107.53	[ICRA]AA(Stable)
INE092T08CN3	NCD	March 21,2012	8.70%	March 21,2022	357.49	[ICRA]AA(Stable)
INE092T08CO1	NCD	March 31,2012	8.43%	March 31,2022	31.72	[ICRA]AA(Stable)
INE092T08CP8	NCD	March 31,2012	8.43%	March 31,2022	85.56	[ICRA]AA(Stable)
INE092T08808	NCD	May23,2013	7.98%	May23,2023	405	[ICRA]AA(Stable)
INE092T08824	NCD	January2,2014	9.63%	January2,2024	145	[ICRA]AA(Stable)
INE092T08AS6	NCD	January8,2014	9.65%	January8,2029	1,165.00	[ICRA]AA(Stable)
INE092T08840	NCD	April 15,2014	9.61%	April 15,2024	570	[ICRA]AA(Stable)
INE092T08BN5	NCD	August 7,2014	9.30%	August 7,2024	174	[ICRA]AA(Stable)
INE092T08BO3	NCD	August 21,2014	9.36%	August 21,2024	1,025.00	[ICRA]AA(Stable)
INE092T08BP0	NCD	September 12,2014	9.38%	September 12,2024	1,055.00	[ICRA]AA(Stable)
INE092T08BQ8	NCD	October 14,2014	9.17%	October 14,2024	1,000.00	[ICRA]AA(Stable)
INE092T08BR6	NCD	December 11,2014	8.49%	December 11,2024	480	[ICRA]AA(Stable)
INE092T08BS4	NCD	January5,2015	8.67%	January3,2025	2,000.00	[ICRA]AA(Stable)
INE092T08BT2	NCD	February27,2015	8.52%	February27,2025	300	[ICRA]AA(Stable)
INE092T08CB8	NCD	April 17,2015	8.61%	April 19,2022	75	[ICRA]AA(Stable)
INE092T08BU0	NCD	May20,2015	8.70%	May20,2025	741	[ICRA]AA(Stable)
INE092T08BV8	NCD	May27,2015	8.73%	May30,2022	630	[ICRA]AA(Stable)
INE092T08BW6	NCD	May29,2015	8.71%	May29,2024	200	[ICRA]AA(Stable)
INE092T08BX4	NCD	June 12,2015	8.73%	June 14,2022	318	[ICRA]AA(Stable)
INE092T08BY2	NCD	June 23,2015	8.70%	June 23,2025	395	[ICRA]AA(Stable)
INE092T08BZ9	NCD	July9,2015	8.73%	January6,2023	511	[ICRA]AA(Stable)
INE092T08CA0	NCD	July28,2015	8.75%	July28,2023	1,050.00	[ICRA]AA(Stable)
NA	NCD	Not Placed	Not Placed	Not Placed	9,520	[ICRA]AA(Stable)
INE092T08CQ6	NCD	May19,2016	8.50%	July4,2023	480	[ICRA]AA(Stable)
INE092T08AO5	NCD	February17,2011	9.35%	February17,2026	315
INE092T08AQ0	NCD	March 28,2011	9.33%	March 28,2026	215
INE092T08AR8	NCD	April 15,2011	9.28%	April 15,2026	250
INE092T08477	NCD	May24,2010	8.65%	May24,2020	400
INE092T08535	NCD	September 15,2010	8.79%	September 15,2020	100

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ISIN	Instrument Name	Date of Issuance / Sanction	Coupon Rate	Maturity Date	Amount Rated	Current Rating and Outlook
INE092T08550	NCD	September 20,2010	8.77%	September 20,2020	80	[ICRA]AA(Stable) withdrawn
INE092T08576	NCD	September 29,2010	8.72%	September 29,2020	155
INE092T08CC6	NCD	November 12,2010	8.00%	November 12,2020	56.04
INE092T08CD4	NCD	November 12,2010	8.00%	November 12,2020	84.79
INE092T08CE2	NCD	November 12,2010	7.50%	November 12,2020	31.39
INE092T08CF9	NCD	November 12,2010	7.50%	November 12,2020	82.15
INE092T08600	NCD	December 2,2010	8.89%	December 2,2020	306
INE092T08618	NCD	December 27,2010	9.05%	December 27,2020	339
INE092T08CG7	NCD	February21,2011	8.00%	February21,2021	102.96
INE092T08CH5	NCD	February21,2011	9.79%	February21,2021	335.75
INE092T08634	NCD	March 24,2011	9.25%	March 24,2021	500
INE092T08CI3	NCD	March 30,2011	8.25%	March 30,2021	33.81
INE092T08CJ1	NCD	March 30,2011	9.73%	March 30,2021	108
INE092T08972	NCD	April 15,2015	8.64%	April 15,2020	1,412.00
NA	Certificates of Deposit	-	-	7-365 days	45,000.00	[ICRA]A1+ withdrawn

Source: IDFC First Bank Limited

Annexure-2: List of entities considered for limited consolidated analysis-NA

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About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

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ICRA Limited

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Registered Office

B-710, Statesman House, 148, Barakhamba Road, New Delhi-110001 Tel: +91 11 23357940-45

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Branches

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© Copyright, 2021 ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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