IDFC First Bank released its Q1 results on Saturday a reported a net consolidated profit of ₹765 crore, 61% up from ₹474 crore during the corresponding quarter in the previous fiscal. The net interest income of the bank grew 36% from Rs. 2,751 crore in Q1FY23 to Rs. 3,745 crore in Q1FY24.
During the April-June quarter, the core operating profit of IDFC First Bank was up by 45% to ₹1427 crore from ₹987 crore during Q1FY23. The net interest margin grew year on year from 5.77% in Q1FY23 to 6.3% in Q1FY24 but declined marginally from 6.4% recorded during the previous quarter.
Asset Quality
Gross Non-Performing Assets (GNPA) improved to 2.17% as of 30 June 2023 from 3.36% on 30 June 2022 and 2.51% as of 31 March 2023. The Net Non-Performing Assets (NNPA) saw an improvement from 1.30% in June 2022 to 0.70% in June 2023. During the previous quarter, the NNPA stood at 0.86%.
The IDFC First Bank said that its collection efficiency for urban retail business (excluding prepayments and EMI arrears) in the current bucket continues to remain high at 99.5%. The provision coverage ratio of the IDFC First Bank has increased to 83.12% as of June 30, 2023, from 73.13% as of June 30, 2022. The standard restructured book stood at 0.47% of the funded asset book as against 1.27% at June 30, 2022, and 0.59% at March 31, 2023.
“We continue to build a strong franchise with a high CASA Ratio of 46.5%. Our retail deposits are growing well, based on our strong positive brand, ethics, customer-friendly products, and digital innovations. We are happy to share that our asset quality continues to remain strong. On the Retail, Rural & SME business, where our Bank particularly specializes in, the Gross NPA has come down to as low as 1.53% and the Net NPA has come down to 0.52%," V Vaidyanathan, Managing Director, and CEO, IDFC FIRST Bank said.
“We are happy to state that we have registered a profit of Rs. 765 crore in Q1-FY24, representing a growth of 61% over PAT of Rs. 474 crore in Q1 FY 23. During the last four years, we underwent some transformational changes at our Bank. During this period, we got terrific support from all of our shareholders and customers, and we thank you all for the same. We are confident of improving our performance from here on," the top official added.
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Updated: 29 Jul 2023, 04:36 PM IST
IDFC First Bank Q1 Results: Net profit jumps 61% YoY to ₹765 crore; asset quality improves | Mint - Mint
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