SSPL WEALTH PVT LTD

Hot Pursuit

Scrips, which has significant changes during the market hours.

IDFC First Bank slips as Q4 PAT slides 10% YoY to Rs 724 cr

29-Apr-24 10:52 Hrs IST

Total income jumped 26.07% to Rs 9,861.21 crore in Q4 FY24 as against to Rs 7,821.83 crore posted in the corresponding quarter previous year.

Operating profit before provisions and contingencies grew 6.75% year on year (YoY) to Rs 1,663.91 crore in the quarter ended 31 March 2024.

Net interest income stood at Rs 4,469 crore in Q4 FY24, up 24% over Rs 3,597 crore recorded in the same quarter last year.

Provisions grew by 50% to Rs 722 crore in Q4 FY24 from Rs 482 crore posted in Q4 FY23.

The capital adequacy ratio (CRAR) of the bank, stood at 16.11% with CET-1 ratio at 13.36% as on 31 March 2024 .

On asset quality front, the gross non-performing assets (GNPA) stood at 1.88% in Q4 FY24 as against 2.51% in Q4 FY23. The net non-performing assets (NNPA) was at 0.60% in Q4 FY24 as compared to 0.86% in Q4 FY23.

Provision coverage ratio (including technical write-off) improved to 86.58% as of 31 March 2024 as against 80.29% as of 31 March 2023.

Loans and advances (including credit substitutes) increased by 25.1% YOY to Rs 2,00,965 crores as of 31 March 2024 from Rs 1,60,599 crore as of 31 March 2023.

CASA deposit grew 31.7% at Rs 94,768 crore in Q4 FY24 from Rs 71,983 crore reported in Q4 FY23. CASA ratio reduced to 47.2% in Q4 FY24 as against 49.8% posted in Q4 FY23.

On full year basis, the company's net profit rose 21.31% to Rs 2,956.51 crore on 33.57% jump in total income to Rs 36,324.50 crore in FY24 over FY23.

For FY24, return on assets (ROA) stood at 1.10% and return on equity (ROE) was at 10.30%.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, ?It is my delight to share that we have crossed a landmark of Rs 4,00,000 crore mark of total deposits and advances including credit substitutes at the bank. What is more important for us is that the asset quality continues to be maintained at all-time best of GNPA and NNPA of 1.88% and 0.60% respectively, the lowest NPA in our history. All legacy infrastructure loans are fully factored into the above. Excluding infrastructure loans, the GNPA and NNPA is only 1.55% and 0.42% respectively. All asset quality parameters are stable.

Our deposit raising franchise is our biggest strength. Our CASA ratio continues to be among the best in the industry at around 47%. Our Incremental Credit to Deposit ratio for FY 24 was low at 76%. The CD ratio has come down to 98.4%, i.e. below 100% for the first time and we expect to further reduce this into FY 25.

The PAT grew 21% YoY to Rs. 2957 cr in FY 24. More important, the core PPOP (excluding trading gain) grew by 31% YOY for the year to cross Rs. 6,000 crores for the first time in our history. Such scale and strong profitability give us the strength to participate in the wonderful opportunities in Indian financial services. We look forward to the future with confidence and optimism.?

IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, Internet and mobile. The bank provides customized financial solutions to corporate, individuals, small and micro enterprises (SMEs), entrepreneurs, financial institutions and the government.