Founded in 2015 as a banking subsidiary of IDFC Limited, the bank shifted focus from infrastructure financing to retail banking after its 2018 merger with Capital First, and in 2024 completed a reverse merger taking over its parent company IDFC Limited. The bank positions itself as a customer-centric, ethical, and technology-driven institution, aiming to build a world-class bank.
Cyborg Score Rationale
The bank demonstrates strong deposit growth of 22.9% year-over-year reaching INR 2.9 lakh crores, with profit after tax increasing 48% year-over-year to INR 503 crores in Q3 FY26. However, cost-to-income ratio remains high particularly in retail liabilities, and return on assets remains low at 0.5%, indicating room for profitability improvement.
Top Insights
CASA ratio improved to 51.6% with net interest margins improving by 17 basis points to 5.76%, driven by reduction in cost of funds.
Asset quality improved with gross NPA ratio decreasing by 17 basis points to 1.69%.
Management plans to shift towards safer segments including mortgages and business loans, aiming for a balanced risk profile and AAA credit rating in the future.
Bank introduced co-branded credit card with IndiGo targeting frequent flyers on both Mastercard and RuPay networks.
Named Competitors
RBL Bank — Retail-focused private sector bank
Yes Bank — Private sector universal bank
ICICI Bank — Leading private sector bank
HDFC Bank — Largest private sector bank in India
Recent Developments
(January 2026) Q3 FY26 PAT increased 48% YoY to Rs. 503 crores with robust deposit growth
(December 2025) FIRST WOW! Black credit card launched with zero forex charges
(August 2025) IndiGo co-branded credit card launched on Mastercard and RuPay
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