IDFC First Bank Limited

From latest release: https://www.bseindia.com/xml-data/corpfiling/AttachLive/09a95453-210e-4485-8450-b7105c4b0c47.pdf

Highlights:

• Net Profit for Q4 FY24 stood at Rs. 724 crore as compared Rs. 803 crore in Q4 FY23 – 10% Decline.

• PAT increases by 21% YOY to Rs. 2,957 crore for FY 24 (PAT increased 28% YoY excluding trading gains)

• Asset quality continues to be maintained at all-time best of GNPA and NNPA of 1.88% and 0.60% respectively.

• All legacy infrastructure loans are fully factored into the above NPA. Excluding infrastructure loans, the GNPA and NNPA is only 1.55% and 0.42% respectively

• CASA ratio continues to be among the best in the industry at around 47%.

Yearly:

• 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.
• Provisions increased 43% YOY from Rs. 1,665 crore in FY23 to Rs. 2,382 crore in FY24.
• RoA stood at 1.10% for FY24; RoE stood at 10.30% for FY24.

Quarterly:

• Net Profit for Q4 FY24 stood at Rs. 724 crore as compared Rs. 803 crore 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.
• 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.

Deposits & Borrowings:

• Total Deposits of the Bank increased by 38.7% YOY from Rs.1,44,637 crore as of March 31, 2023 to Rs. 2,00,576 crore as of March 31, 2024.
• CASA Deposits grew by 31.7% YOY from Rs. 71,983 crore as of March 31, 2023 to Rs. 94,768 crore as of March 31, 2024.
• CASA Ratio stood at 47.2% as of March 31, 2024.
• Legacy High-Cost Borrowings reduced from Rs. 17,673 crore as of March 31, 2023 to Rs. 11,809 crore as of March 31, 2024.
• The Bank opened 135 new branches during FY24 to reach branch count of 944 by March 31, 2024.

Loans and Advances:

• Loans and Advances (including credit substitutes) increased by 25.1% YOY from Rs. 1,60,599 crore as of March 31, 2023 to Rs. 2,00,965 crores as of March 31, 2024.
• Infrastructure Project finance now constitutes only 1.4% of total funded assets as of March 31, 2024.
• Exposure to top 20 single borrowers improved from 7.0% as of March 31, 2023, to 5.7% as of March 31, 2024.
• Total Credit to Deposit Ratio improved from 107.0% as of March 31, 2023 to 98.4% as of March 31, 2024.

Asset Quality:

• Gross NPA improved from 2.51% as of March 31, 2023 to 1.88% of March 31, 2024.
• Net NPA improved from 0.86% as of March 31, 2023 to 0.60% of March 31, 2024.
• Excluding infrastructure financing, the GNPA and NNPA of the Bank is 1.55% and 0.42% respectively as of March 31, 2024.
• Provision Coverage Ratio (including technical write-off) has increased from 80.29% as of March 31,2023, to 86.58% as of March 31, 2024.
• Net Stressed Assets as % of total Assets improved from 0.84% as of March 31, 2023 to 0.56% as of March 31, 2024.