UBS upgrades India's IDFC First Bank to 'neutral'; hikes PT
01/09/2026 09:41
BUZZ-UBS upgrades India's IDFC First Bank to 'neutral'; hikes PT ** UBS upgrades IDFC First Bank IDFB.NS to "Neutral" from "Sell" and raises PT to 92 rupees from 78 rupees
** Brokerage says bank's asset quality continues to improve, enabling a sharp decline in credit costs to 1.6% in Q1FY27 from 2.6% in Q1FY26
** Says IDFC is well placed to attract more deposits as the bank expands its branch network and as existing branches mature
** Expects NIM to remain stable at 5.8% over FY27-29E
** Adds IDFC trades at 1.3x FY28E price-to-book value, similar to many large private banks and near its five-year average, reflecting its higher growth and improving loan quality outlook, offset by lower returns vs peers
** Shares down 1.8% at 84.4 rupees
(Reporting by Mridula Kumar in Bengaluru)
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