IDFC First Bank Joins Top 10 Valuable Indian Banks after 67% Share Surge in 2023

IDFC First bank has entered the elite club of 10 most valuable listed banks in India. This as the shares of the bank saw a stellar run this year. IDFC First bank with a valuation of Rs 65,325 crore as of September 4 has now replaced Union Bank of India and Canara Bank.

According to BSE data, Union Bank of India has a market capitalisation of Rs 65,251 crore, while Canara Bank is worth Rs 61,081.77 crore. The highest m-cap is possessed by HDFC Bank worth Rs 12 lakh crore, followed by ICICI Bank at Rs 6.77 lakh crore, and state-run State Bank of India at Rs 5.14 lakh crore.

IDFC First Bank has seen a 67% surge so far this year. With this surge, it leads all the listed banks, both private and state-run. The stock on September 4 jumped over 5% after Rajiv Jain of GQG bought 17.1 crore shares or 2.58% stake in the lender for about Rs 1,527 crore.

The lender reported a nearly 36% on-year surge in net interest income for the June quarter while its other income spiked 49%. Its net profit advanced over 61%, while provisions soared 55% over last year. Operating expenses were up 37%.