IDFC First Bank: CRISIL reaffirms 'AAA/AA+/A1+' ratings on debt instruments
CRISIL reaffirmed its ratings for IDFC First Bank: 'AAA/Stable' for ₹1,60,000 crore FDs, 'AA+/Stable' for ₹8,000 crore Tier II Bonds, and 'A1+' for ₹45,000 crore CDs. The bank's advances grew 29.9% to ₹3,38,749 crore and deposits by 25.9% to ₹3,48,582 crore as of Sept 30, 2026. GNPA improved to 1.51%.
The credit ratings directly impact the bank's ability to raise funds, its borrowing costs, and investor confidence. Maintaining high ratings on significant amounts of fixed deposits and bonds is crucial for a financial institution's operations and growth.
The reaffirmation of 'AAA/Stable', 'AA+/Stable', and 'A1+' ratings by CRISIL on substantial debt instruments indicates a strong creditworthiness and stability of the bank, which is a positive signal for investors and stakeholders.
CRISIL Ratings has reaffirmed its ‘CRISIL AAA/Stable’ rating on Fixed Deposits amounting to ₹1,60,000 crore, ‘CRISIL AA+/Stable’ rating on Tier II Bonds (Under Basel III) amounting to ₹8,000 crore, and ‘CRISIL A1+’ rating on Certificate of Deposits amounting to ₹45,000 crore for IDFC FIRST Bank Limited.
The ratings are driven by the bank's steady business scale-up, supported by a strengthening retail asset base and liability franchise, and healthy capitalisation. These strengths are partly offset by profitability constraints due to relatively higher operating expenses and credit costs.
As of June 30, 2026, the bank's fixed deposits stood at ₹1,40,913 crore, showing an 8.7% growth over the previous 12 months. The depositor profile remains granular, with 60% of FDs having a ticket size below ₹3 crore. The maturity schedule of outstanding FDs is well-staggered.
IDFC FIRST’s funded assets grew 20% year-on-year to ₹2,90,278 crore as of March 31, 2026, with retail, rural, and MSME funded assets constituting 80% of the total. By June 30, 2026, overall funded assets grew to ₹3,05,370 crore, with retail, rural, and MSME assets at ₹2,41,118 crore.
The bank's liability franchise remains strong, with current account and savings accounts (CASA) forming 50.8% of total deposits as of June 30, 2026. Overall deposits grew by 17% in fiscal 2026 and 24% (annualised) in the first quarter of fiscal 2027.
The bank’s overall gross non-performing assets (GNPAs) improved to 1.51% in the first quarter of fiscal 2027 from 1.61% on March 31, 2026. Credit costs decreased to 1.4% in fiscal 2026 from 1.7% in fiscal 2025. However, return on average assets (RoA) remained subdued at 0.4% in fiscal 2026, impacted by lower net interest margins and a one-time deposit fraud-related loss of ₹646 crore. In the first quarter of fiscal 2027, RoA recovered to 1.1% (annualised).
As of September 30, 2026, advances grew 29.9% year-on-year to ₹3,38,749 crore, and total deposits increased 25.9% to ₹3,48,582 crore, with a CASA ratio of 47.6%. The bank's capital position is healthy, with a Tier 1 CAR of 13.3% and overall CAR of 15.1% as on June 30, 2026.
CRISIL believes IDFC FIRST will maintain healthy capitalisation while growing its retail asset portfolio and strengthening its liability franchise. The outlook remains Stable.
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IDFC First Bank Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by IDFC First Bank Limited. Read the original for the full detail.