IDFC First Bank Limited — Credit Ratings, 09-10-2025: Credit Rating- New

Brickwork Ratings reaffirmed IDFC FIRST Bank's Non-Convertible Debentures (NCDs) at BWR AA+/Stable. This rating reflects the bank's business growth, strong retail deposit base, healthy capital adequacy, and asset quality metrics below 2% and 1% for GNPAs/NNPAs. Factors to watch include a higher credit-deposit ratio and cost-to-income ratio. A planned Rs 7,500 Cr capital raise is expected to further strengthen capital.