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.