IDFC First Bank Limited

For IDFC FB book value (per share) to grow faster than Axis, you need one of 2 things:

1. RoE of IDFC should be higher than that of Axis. This is unlikely as IDFC First Bank is still in an investing phase. Maybe they can get to 15% in the next year or so (aggressive) but Axis is currently considerably higher (adjusting for one-off acquisition related charges)
2. IDFC FB raises much more capital (relatively to Axis) at a premium to book. For this to happen loan book growth should be much more rapid for IDFC FB than Axis so they consume and hence raise capital. This is possible. Although on the surface, both banks showed similar loan book growth (23/24%), for IDFC FB this was including a degrowth in infra and slow growth in corporate. Since retail is growing much faster and is a large and growing part of the book already, it is likely that overall growth may outstrip that of Axis.