IDFC First Bank Q4FY23 PAT up 132%at Rs816 crore on 35% growth in NII

IDFC First Bank reported 45.26% growth in total revenues for the March 2023 quarter on consolidated basis at Rs7,822cr. Revenue growth was 10.73% in sequential terms for Q4FY23. The net interest income (NII) for the quarter grew 35% yoy to Rs3,597 crore. Fees and other income in the quarter grew by 40% to Rs1,181 crore. As a result, the core operating profits for the quarter grew 61% to Rs1,342 crore.

As on March end 2023, customer deposits were up 47% at Rs136,812 crore of which 49.77% of the deposits were accounted by the low cost CASA deposits. In addition, the loans and advances for the year grew at 24% to Rs160,599 crore. Provisions for the year were lower by 46% at Rs1,665 crore and that also contributed to enhancing the profits.

Financial highlights for Mar-23 compared yoy and sequentially

 IDFC Bank    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income

₹ 7,822

₹ 5,385

45.26%

₹ 7,064

10.73%

Operating Profit

₹ 1,577

₹ 840

87.82%

₹ 1,277

23.49%

Net Profit

₹ 816

₹ 352

131.65%

₹ 617

32.36%

      
Diluted EPS

₹ 1.28

₹ 0.56

 

₹ 0.98

 
Operating Margins

20.16%

15.59%

 

18.08%

 
Net Margins

10.43%

6.54%

 

8.73%

 
Gross NPA Ratio

2.51%

3.70%

 

2.96%

 
Net NPA Ratio

0.86%

1.53%

 

1.03%

 
Return on Assets (Ann)

1.41%

0.76%

 

1.11%

 
Capital Adequacy

16.82%

16.74%

 

15.01%

 

 

Gross NPAs of the bank fell by 119 bps yoy from 3.70% to 2.51%. the following in the retail gross NPAs was also quite sharp from 2.63% to 1.65%. The net NPAs at an overall level were down 67 bps at 0.86% while the net NPAs at the retail book level were down by 60 bps at 0.55%. The provisions coverage ratio is also sharply higher from 69.59% last year to 82.43% in this year.

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