IDFC First Bank Ltd

Regarding speculations about IDFC FIRST Banks exposure to Adani Group companies we would like to clarify: The funded outstanding is only 0.06% of the funded assets as of December 2022. The Bank has been receiving payments as per the quarterly amortizing payment schedule for the same. The Bank has working capital (non-funded) outstanding of only 0.51% of the funded assets as of December 31 2022 of which the majority at 0.38% is secured letter of credit which will mature in the next 2-5 months. The balance at only 0.13% have maturity of 1-2 years. The underlying companies have strong cash-flows and operating model and we are comfortable with the exposure. The Bank does not have any exposure to any offshore entities in Adani Group or against the shares of the Adani Group Companies. As per stated strategy the Bank continues to reduce concentration risk and has brought down exposure to top 10 group borrowers from 17% in March 2019 to 8% in Dec 2022 and will continue to do so.