IDFC First Bank Dividend: Record Date Announced — Check Details Here

The board of IDFC First Bank Ltd. has declared July 11 as the record date to determine the members eligible to receive dividend of Re 0.25 for financial year 2024-25, according to an exchange filing on Thursday.

As part of the dividend, the lender is set to pay out Rs 183.1 crore.

IDFC First Bank reported a fall in standalone net profit to Rs 304 crore for the fourth quarter, marking a decline of over 50% year-on-year. The fall was driven by a rise in provisions, especially for its microfinance institutions portfolio, which has been under stress and experiencing slower loan disbursals.

Provisions and contingencies soared twofold to Rs 1,450.47 crore as against the same period last year, due to higher slippages in the MFI loan book.

Shares of IDFC First Bank closed 0.53% higher at Rs 77.66 apiece on the National Stock Exchange, compared to a 0.19% fall in the benchmark Nifty. The stock has fallen 3.98% in the last 12 months and 23% on a year-to-date basis.

Out of 26 analysts tracking the company, 15 have a 'buy' rating on the stock, six recommend 'hold' and five gave 'sell' according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 4.4%.