I generally extend benefit of doubt to companies for misrepresentation of data or inaccurate reporting. But I don’t do it for banks and specially for IDFC First whose brand is built on transparency.
They quietly changed the target for cost to income ratio in the investor presentation from 55% to 65%. Now, they are allowed to change the guidance however the slide still says we are performing well on the guidance given at the time of the merger. Saying this, they shouldn’t change the guidance. 65% was not the guidance AT THE TIME OF THE MERGER.
It’s this kind of inaccuracies that start to question the intention behind miscommunications. Attaching the screenshot for comparison.
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