IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter, which was higher than Rs 6,424.35 crore reported in the year ago period.
The bank board has granted an approval to bank to borrow funds by issuance of debt Instruments up to Rs 5,000 crore.
IDFC First Bank on Saturday said its net profit dipped to Rs 724.35 crore for the fourth quarter of FY24, as against Rs 802.62 crore in the year-ago period. IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter, which was higher than Rs 6,424.35 crore reported in the year ago period. It was up by 28% on the year-on-year basis.
The bank’s net interest income, or core income, was at Rs 4,469 crore, an increase of 24% year-over-year. Asset quality for the lender improved this quarter, with the gross non-performing asset ratio falling 16 basis points quarter-on-quarter. The Gross NPA stood at 1.88% q-o-q. It was 2. 04% in the December quarter. The net NPA ratio improved to 0. 60%, compared to 0. 68% in the previous quarter.
Provisions for the quarter surged 49.7% year-on-year to Rs 722 crore. The bank’s board approved enabling it to borrow funds up to Rs 5,000 crore through the issuance of debt instruments for a period of one year.
• Net Profit grew 21% YOY from Rs. 2,437 crore in FY23 to Rs. 2,957 crore in FY24. Excluding trading
gains from both the years, the growth in PAT was at 28% YOY.
• Core Pre-Provisioning Operating Profit (PPOP excluding trading gains) grew by 31% YOY from Rs.
4,607 crore in FY23 to Rs. 6,030 crore for FY24.
• Net Interest Income (NII) grew 30% YOY from Rs. 12,635 crore in FY23 to Rs. 16,451 crore in FY24.
• Net Interest Margin increased from 6.05% in FY23 to 6.36% in FY24, based on AUM.
• Fee and Other Income grew by 40% YOY from Rs. 4,142 crore in FY23 to Rs. 5,795 crore in FY24.
• Retail fees constitute 93% of the overall fees for FY24.
• Core Operating income grew 33% from Rs. 16,777 crore in FY23 to Rs. 22,245 crore in FY24.
• Operating Expense grew by 33% YOY from Rs. 12,170 crore in FY23 to Rs. 16,216 crore in FY24.
• Provisions increased 43% YOY from Rs. 1,665 crore in FY23 to Rs. 2,382 crore in FY24.
• The credit cost as % of average funded assets for FY24 was 1.32%.
• RoA stood at 1.10% for FY24; RoE stood at 10.30% for FY24.
Quarterly Profitability
• Net Profit for Q4 FY24 stood at Rs. 724 crore as compared Rs. 803 crore in Q4 FY23. The PAT for Q4
FY 23 was Rs. 701 crore excluding one-time items already called out in Q4 FY23.
• Net Interest Income (NII) grew 24% from Rs. 3,597 crore in Q4 FY23 to Rs. 4,469 crore in Q4 FY24.
• Fee and Other Income grew 36% from Rs. 1,181 crore in Q4 FY23 to Rs. 1,610 crore in Q4 FY24.
• Operating Expenses grew 29% from Rs. 3,436 crore in Q4 FY23 to Rs. 4,447 crore in Q4 FY24.
• Core PPOP (Pre-Provisioning Operating Profit excluding trading gain) for the quarter grew by 22%
from Rs. 1,342 crore in Q4 FY23 to Rs. 1,632 crore in Q4 FY24.
• Provisions increased 50% from Rs. 482 crore in Q4 FY23 to Rs. 722 crore in Q4 FY24.
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