Page 1

BSR & Co. LLP Chartered Accountants 14th Floor , Central Wing , Tower 4 , Nesco Center , Western Express Highway , Goregaon ( East ) , Mumbai - 400 063 , India Telephone : +91 ( 22 ) 6257 1000 Fax : +91 ( 22 ) 6257 1010 Independent Auditor's Review Report on consolidated unaudited quarterly and year to date financial results of IDFC FIRST Bank Limited pursuant to Regulation 33 of the Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 To the Board of Directors of IDFC FIRST Bank Limited 1 . 2 . 3 . * We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of IDFC FIRST Bank Limited ( the ' Bank ' the ' Parent ' ) and its subsidiary ( the Parent and its subsidiary together referred to as the ' Group ' ) , and its share of the net profit after tax of its associate for the quarter ended 31 December 2020 and year to date results for the period from 1 April 2020 to 31 December 2020 ( the ‘ Statement ' ) , being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , except for the disclosures relating to consolidated Pillar 3 disclosure as at 31 December 2020 , including leverage ratio and liquidity coverage ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Note 3 to the Statement and have not been reviewed by us . Our responsibility is to issue a report on the Statement based on our review . This Statement , which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 " Interim Financial Reporting " ( ' AS 25 ' ) , prescribed under Section 133 of the Companies Act , 2013 , the relevant provisions of the Banking Regulation Act , 1949 , the circulars , guidelines and directions issued by the Reserve Bank of India ( RBI ) from time to time ( ' RBI Guidelines ' ) and other accounting principles generally accepted in India . Our responsibility is to express a conclusion on the Statement based on our review . We conducted our review of the Statement in accordance with the Standard on Review Engagements ( ' SRE ' ) 2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " , issued by the Institute of Chartered Accountants of India . A review of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly , we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 ( 8 ) of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended , to the extent applicable . BSR & Co la partnership firm with Registration No. BAS1223 ) converted into BSR & Co. LLP ( a Limited Liability , Partnership with LLP Registration No. AAB - 8181 ) with effect from October 14 , 2013 Registered Office : 14th Floor , Central Wing , Tower 4 , Nesco Center , Western Express Highway , Goregaon ( East ) , Mumbai - 400 053