IDFC First Bank - Mr. Madhivanan Resigns As Executive Director; Internal Succession Likely: ICICI Securities

ICICI Securities Report

On December 06, 2023, IDFC First Bank Ltd. informed exchanges of Mr Madhivanan Balakrishnan’s resignation from the post of Executive Director. Better opportunity in the healthcare sector has been cited as the reason – aligning with his long-term family plans.

The bank would evaluate an internal candidate as his replacement. Due to the resignation and an organisational restructuring, there will be certain changes in senior management personnel. Accordingly, a few personnel will cease to be SMPs, but would continue to be with the bank.

As IDFC First Bank is among the fastest growing banks and has been adding new products/geographies/revenue streams, senior management stability is vital, in our view.

Our growth/earnings per share estimates remain unchanged. Maintain 'Add' and target price of Rs 100.

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