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IDFC First Bank Results: Latest Quarterly Results & Analysis

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IDFC First Bank Ltd. 20 Oct 2025 14:53 PM
Result PDF

Q2FY26 Quarterly Result Announced for IDFC First Bank Ltd.

IDFC First Bank announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Total customer business stood at Rs 5,35,673 crore, which represents a 21.6 percent increase YoY.
  • Loans and Advances: Rs 2,66,579 crore, reflecting a 19.7 percent growth YoY.
  • Gross NPA: 1.86 percent, showing a decrease of 6 basis points YoY.
  • Net NPA: 0.52 percent, showing an increase of 4 basis points YoY.
  • Customer Deposits: Rs 2,69,094 crore, which is a 23.4 percent increase YoY.
  • CASA Deposits: Rs 1,38,583 crore, showing a 26.8 percent growth YoY.
  • CASA Ratio: 50.07 percent, which is an improvement of 119 basis points YoY.
  • Net Interest Margin (NIM): 5.59 percent, which is a decline of 59 basis points YoY.
  • Core Operating Profit: Rs 1,825 crore, showing a decline of 1.7 percent YoY.
  • Net Profit: Rs 352 crore, representing a growth of 75.6 percent YoY.
  • Capital adequacy ratio stood at 14.34 percent, indicating a decrease of 202 basis points YoY.

V Vaidyanathan, MD and CEO said “The stress in the MFI business was an MFI industry issue and looks like it is behind us. Other than MFI, the asset quality of the Bank has always been stable for over a decade through cycles and continues to be so with Gross NPA at 1.86% and Net NPA at 0.52% as of 30th September 2025. On cost of funds, we expect it to drop from here on. The bank is witnessing improving operating leverage. For instance, in FY25, total Business, i.e. loans and customer deposits, grew by 22.7% YoY, against increase in Opex of 16.5% YoY. Following on, in H1FY26, total Business grew by 21.6% YoY, against Opex increase of 11.8% YoY. We hope to sustain this trend.”

Result PDF

Result PDF

IDFC First Bank announced Q1FY26 results

  • Net Interest Income (NII) grew 5.1% YOY from Rs 4,695 crore in Q1FY25 to Rs 4,933 crore in Q1FY26
  • Net Interest Margin (NIM) on AUM of the Bank reduced by 24 bps QoQ, from 5.95% in Q4FY25 to 5.71% in Q1FY26, largely due to Repo impact, asset mix change (including sharp decline in the micro-finance business) and decline in investment yields.
  • Total Operating income (including trading gains) grew by 13.4% from Rs 6,314 crore in Q1FY25 to Rs 7,160 crore in Q1FY26
  • Operating Expense grew by 11.0% YOY from Rs 4,432 crore in Q1FY25 to Rs 4,921 crore in Q1FY26
  • Operating Profit (excluding trading gains) reduced by 6.2% from Rs 1,858 crore in Q1FY25 to Rs 1,744 crore in Q1FY26. Sequentially, it increased by 7.8%.
  • Operating Profit (including trading gains) grew 19.0% from Rs 1,882 crore in Q1FY25 to Rs 2,239 crore in Q1FY26
  • Net Profit sequentially grew 52.1% to Rs 463 crore in Q1FY26, on a YoY basis it de-grew by 32%, largely impacted by microfinance business and interest rate movement.
  • The Capital adequacy ratio, including profits for Q1FY26 was at 15.01% with CET-I ratio of 12.80%
  • Customer Deposits increased 25.5% YOY from Rs 2,04,572 crore as of June 30, 2024 to Rs 2,56,799 crore as of June 30, 2025
  • CASA Ratio stood at 48.0% as of June 30, 2025 (46.6% as of June 30, 2024)

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are pleased to share that our core franchise continues to grow well. In banking, Capital is the foundation and Deposits are the raw material for our business. With the impending equity raise, our capital adequacy will be at 17.6% (if computed at June 30, 2025). With customer deposits growing at 25.5%, our funding is strong. Our incremental Credit Deposit Ratio for the last 1 year is only 75.8%. On Asset Quality, all our businesses, other than microfinance continue to perform well, GNPA and NNPA are at 1.97% and 0.55%, respectively.

Our margins reduced because we passed on the benefit of repo rate to eligible borrowers and asset mix change, but term deposits broadly would take a year to reprice downwards. So, by H2FY26 margins is likely to be better. Also, by H2FY26, MFI issue should largely be behind us. Our customer franchise is strong. So all-in-all we are well positioned well for the future.”

Result PDF

IDFC First Bank announced Q4FY25 & FY25 results

Financial Highlights:

  • Net Interest Income (NII) grew 9.8% YoY from Rs 4,469 crore in Q4FY24 to Rs 4,907 crore in Q4FY25. For FY25, the growth of NII was 17.3% on YoY basis.
  • Net Interest Margin (NIM) on AUM of the Bank reduced by 9 bps QoQ, from 6.04% in Q3FY25 to 5.95% in Q4FY25, largely due to decline in the micro-finance business. For FY25, NIM was 6.09%.
  • Fee and Other Income grew by 5.7% YoY from Rs 1,610 crore in Q4FY24 to Rs 1,702 crore in Q4FY25. For FY25, the growth of Fee and Other Income was 15.2% on YoY basis.
  • Core Operating income grew 8.7% from Rs 6,079 crore in Q4FY24 to Rs 6,609 crore in Q4FY25. For FY25, the growth of Operating Income was 16.7% on YoY basis.
  • Operating Expense grew by 12.2% YoY from Rs 4,447 crore in Q4FY24 to Rs 4,991 crore in Q4FY25. For FY25, the growth of Operating Expenses was at 16.5% on YoY basis.
  • Core Operating Profit (excluding trading gain) de-grew from Rs 1,632 crore in Q4FY24 to Rs 1,618 crore in Q4FY25. In FY25 it grew 17.2% from Rs 6,030 crore in FY24 to Rs 7,069 crore.
  • Excluding microfinance business, the core operating profit grew by 19.9% YoY in Q4FY25 and by 30.6% YoY in FY25.
  • Including trading gains, operating profit increased by 8.9% YoY in Q4FY25 and grew by 18.9% in FY25.
  • Net Profit for Q4FY25 was Rs 304 croreore as compared to Rs724 crore in Q4FY24. For FY25, the Net profit decreased by 48.4% on YoY basis to Rs 1,525 crore, largely impacted due by the issues in the microfinance industry.
  • Deposits & Borrowings:
    • Customer Depositsincreased 25.2% YoY from Rs 1,93,753 crore as of March 31, 2024 to Rs 2,42,543 crore as of March 31, 2025.
    • Retail Deposits grew by 26.4% YoY from Rs 1,51,343 crore as of March 31, 2024 to Rs 1,91,268 crore as of March 31, 2025.
    • CASA Deposits grew by 24.8% YoY from Rs 94,768 crore as of March 31, 2024 to Rs 1,18,237 crore as of March 31, 2025.
    • CASA Ratio stood at 46.9% as of March 31, 2025 (47.2% as of March 31, 2024).
    • Retail Deposits constitute 79% of total customer deposits as of March 31, 2025.
  • Other Businesses:
    • croreedit card issued by the Bank crosses 3.5 million mark during last quarter.
    • Wealth Management AUM (including deposit balances) grew 27% YoY to touch Rs 42,665 crore.
    • FASTag: Bank remains the largest issuer bank with 17.8 million live FASTags.
  • Loans and Advances:
    • Loans and Advances* increased by 20.4% YoY from Rs 2,00,965 crore as of March 31, 2024 to Rs 2,41,926 crore as of March 31, 2025.
    • Retail, Rural and MSME book grew by 18.6% YoY from Rs 1,66,604 crore as of March 31, 2024 to Rs 1,97,568 crore as of March 31, 2025.
    • Microfinance portfolio reduced by 28.3% YoY and its proportion to overall loan book reduced from 6.6% in Mar-2024 to 4.0% in Mar-2025.
    • The Bank’s legacy infrastructure book reduced by 17% YoY to Rs 2,348 crore as of March 31, 2025, constituting less than 1% of the total funded assets of the Bank.
  • Assets Quality:
    • Gross NPA of the Bank improved by 7 bps QoQ from 1.94% as of December 31, 2024 to 1.87% as of March 31, 2025.
    • Net NPA of the Bank marginally increased by 1 bps QoQ from 0.52% as of December 31, 2024 to 0.53% as of March 31, 2025.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank , said: “Our customer deposits grew well at 25% YoY and the CASA ratio continues to remain strong at 46.9%, reflecting the strength of our deposit franchise. Our funded asset book grew by 20.4%. Importantly, the Bank's asset quality remains resilient, with GNPA and NNPA at 1.87% and 0.53% respectively.

Further, an affiliate entity of Warburg Pincus LLC and a wholly owned subsidiary of private equity division of Abu Dhabi Investment Authority (ADIA), have committed to invest ~Rs 7,500 crore in the Bank (subject to necessary regulatory and shareholders’ approvals), which will further strengthen our Capital Adequacy Ratio and support our next phase of growth.

We continue to be committed to grow responsibly, serve high-quality products and services, lead with innovation and build customer centric propositions.”

Result PDF

IDFC First Bank announced Q1FY25 results:

Deposits & Borrowings:

  • Total Deposits of the Bank increased by 35.8% YoY from Rs 1,54,427 crore as of June 30, 2023 to Rs 2,09,666 crore as of June 30, 2024.
  • Customer Deposits increased by 37.8% YoY from Rs 1,48,474 crore as of June 30, 2023 to Rs 2,04,572 crore as of June 30, 2024.
  • CASA Deposits grew by 36.1% YoY from Rs 71,765 crore as of June 30, 2023 to Rs 97,692 crore as of June 30, 2024.
  • CASA Ratio stood at 46.6% as of June 30, 2024.
  • Retail Deposits grew by 43.5% YoY from Rs 1,14,272 crore as of June 30, 2023 to Rs 1,64,001 crore as of June 30, 2024.
  • Retail Deposits constitutes 80.2% of total customer deposits as of June 30, 2024.
  • Legacy High Cost Borrowings reduced from Rs 16,055 crore as of June 30, 2023 to Rs 10,084 crore as of June 30, 2024.
  • The Bank opened 11 new branches during Q1FY25 to reach branch count of 955 by June 30, 2024.

Loans and Advances:

  • Loans and Advances (including credit substitutes) increased by 22.0% YoY from Rs 1,71,578 crore as of June 30, 2023 to Rs 2,09,361 crore as of June 30, 2024.
  • The Bank continues to wind down infrastructure financing as per the stated strategy and now constitutes only 1.3% of total funded assets as of June 30, 2024.
  • Exposure to top 20 single borrowers improved from 7.0% as of June 30, 2023 to 5.4% as of June 30, 2024.
  • Credit to Deposit Ratio improved from 107.3% as of June 30, 2023 to 98.1% as of June 30, 2024.
  • Incremental Credit to Deposit ratio between June 30, 2023 to June 30, 2024 was 72.1%.

Assets Quality:

  • Gross NPA of the bank has improved from 2.17% as of June 30, 2023 to 1.90% of June 30, 2024, improved by 27 bps on YoY basis.
  • Net NPA of the bank has improved from 0.70% as of June 30, 2023 to 0.59% of June 30, 2024, improved by 11 bps on YoY basis.
  • Gross NPA of the Retail, Rural and MSME Finance has improved from 1.53% as of June 30, 2023 to 1.46% as of June 30, 2024, improved by 7 bps on YoY basis.
  • Net NPA of the Retail, Rural and MSME Finance has improved from 0.52% as of June 30, 2023 to 0.46% as of June 30, 2024, improved by 6 bps on YoY basis.
  • Excluding the infrastructure financing book, which the Bank is running down, the GNPA and NNPA of the Bank would have been 1.60% and 0.43% respectively as of June 30, 2024.
  • SMA-1 and SMA-2 in Retail, Rural and MSME Finance portfolio continues to be low at 1.01%, but increased from 0.85% as of March 31, 2024 due to rise in SMAs of JLG book (due to floods) which increased from 1.26% as of March 31, 2024 to 1.70% as of June 30, 2024.
  • Provision coverage ratio (excluding technical write-off) of the bank has increased from 68.11% as of June 30, 2023 to 69.38% as of June 30, 2024. Excluding the run-down infrastructure book, PCR was at 73.48% at June 30, 24.

Profitability:

  • Net Interest Income (NII) grew 25% YoY from Rs 3,745 crore in Q1FY24 to Rs 4,695 crore in Q1FY25.
  • Net Interest Margin (Gross of IBPC and sell-down) reduced from 6.33% in Q1FY24 to 6.22% in Q1FY25.
  • Fee and Other Income grew by 19% YoY from Rs 1,341 crore in Q1FY24 to Rs 1,595 crore in Q1FY25.
  • Core Operating income grew 24% from Rs 5,086 crore in Q1FY24 to Rs 6,290 crore in Q1FY25.
  • Operating Expense grew by 21% YoY from Rs 3,659 crore in Q1FY24 to Rs 4,432 crore in Q1FY25.
  • Core Operating Profit grew by 30% YoY from Rs 1,427 crore in Q1FY24 to Rs 1,858 crore for Q1FY25.
  • Provisions increased 109% YoY from Rs 476 crore in Q1FY24 to Rs 994 crore in Q1FY25. This was primarily due to rise in provisions of JLG portfolio, impacted by the flood in Tamil Nadu and seasonal impact.
  • The annualized credit cost as % of average funded assets (gross of IBPC) for Q1FY25 was 1.90%. Without the impact of JLG book, the annualized credit cost as % of average funded assets for Q1-FY25 was 1.70%. Bank expects the credit cost to get normalized from Q3FY25 onwards.
  • Net Profit de-grew 11% YoY from Rs 765 crore in Q1FY24 to Rs 681 crore in Q1FY25. Excluding trading gains from respective period, the degrowth in profit was at 7% YoY.
  • Provisions for JLG business was higher by Rs 132 crores in Q1FY25 over the Q1FY24. Excepting this impact, the PAT for the quarter would have been higher by Rs 100 crores.
  • RoA stood at 0.91% and RoE stood at 8.32% in Q1FY25. 

Capital Position:

  • Capital Adequacy including profit for Q1-25 was strong at 15.88% with CET-1 Ratio at 13.34% as on June 30, 2024. Including Capital raised in July 2024, the Capital Adequacy Ratio as on June 30, 2024 would be 17.21%, with CET-1 ratio at 14.67%.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “The biggest requirement in Banking today is the ability to raise deposits. On this front, we continue to get strong growth in deposits based on top quality service levels, top in class mobile App, and excellent corporate governance. Our CASA ratio is sustained at 46.6%. Our customer deposits have grown 38% YoY. We thank our customers for their goodwill towards us.

Overall Gross NPA was stable at 1.90% and Net NPA was 0.59%. Provisions normalized this quarter in line with the industry. We took extra provisions for MFI business because of massive floods in Tamil Nadu and because of seasonality. We expect credit cost to normalise in H2 FY25 as guided earlier.

On the profitability front, the Core Operating Profit (Income less Opex) rose 31% YoY excluding trading gains. This continues on the back of strong core Operating Profit in FY24, which was up 31% from Rs 4,607 crore in FY23 to Rs 6,030 crore in FY24”

Result PDF

IDFC First Bank announced Q3FY24 results:

Profitability

  • Net Profit grew 18% YoY from Rs 605 crore in Q3FY23 to Rs 716 crore in Q3FY24.
  • Net Interest Income (NII) grew 30% YoY from Rs 3,285 crore in Q3FY23 to Rs 4,287 crore in Q3FY24.
  • Net Interest Margin (gross of IBPC and sell-down) was 6.42% in Q3FY24 compared to 6.13% in Q3FY23 and 6.32% in Q2FY24.
  • Fee and Other Income grew by 32% YoY from Rs 1,117 crore in Q3FY23 to Rs 1,469 crore in Q3FY24. Retail fees constitute 93% of the overall fees for the quarter Q3FY24.
  • Core Operating income (NII plus Fees, excluding trading gains) grew 31% from Rs 4,402 crore in Q3FY23 to Rs 5,755 crore in Q3FY24.
  • Operating Expenses grew by 33% YoY from Rs 3,177 crore in Q3FY23 to Rs 4,241 crore in Q3FY24.
  • Core Operating Profit (pre-provision operating profit excluding trading gains) grew by 24% YoY from Rs 1,225 crore in Q3FY23 to Rs 1,515 crore for Q3FY24.
  • Provisions increased 45% YoY from Rs 450 crore in Q3FY23 to Rs 655 crore in Q3FY24. The credit cost (quarterly annualized) as % of average funded assets for 9MFY24 was 1.26%.
  • RoA (annualized) stood at 1.16% for 9MFY24.
  • RoE (annualized) stood at 10.67% in 9MFY24.

Deposits & Borrowings

  • Customer Deposits increased by 42.8% YoY from Rs 1,23,578 crore as of December 31, 2022, to Rs 1,76,481 crore as of December 31, 2023.
  • CASA Deposits grew by 28.6% YoY from Rs 66,498 crore as of December 31, 2022, to Rs 85,492 crore as of December 31, 2023. CASA Ratio stood at 46.8% as of December 31, 2023.
  • Retail deposits grew by 46.6% YoY from Rs 95,107 crore as of December 31, 2022, to Rs 1,39,431 crore as of December 31, 2023.
  • Retail deposits constitute 79% of total customer deposits as of December 31, 2023.
  • Legacy High Cost Borrowings reduced from Rs 18,762 crore as of December 31, 2022, to Rs 13,607 crore as of December 31, 2023.

Funded Assets

  • Funded assets (including advances & credit substitutes) increased by 24.5% YoY from Rs 1,52,152 crore as of December 31, 2022, to Rs 1,89,475 crore as of December 31, 2023.
  • The Bank continues to wind down infrastructure financing as per the stated strategy and now constitutes only 1.6% of total funded assets as of December 31, 2023.
  • Exposure to top 20 single borrowers improved to 5.93% as of December 31, 2023.
  • The Credit Deposit Ratio improved further from 109.18% as of December 31, 2022, to 101.41% crore as of December 31, 2023. The incremental Credit to Deposit ratio for quarter 9MFY24 was 79.89%

Assets Quality

  • Gross NPA (GNPA) of the bank has improved to 2.04% as of December 31, 2023, from 2.96% on December 31, 2022.
  • Net NPA (NNPA) of the bank has improved to 0.68% as of December 31, 2023, from 1.03% of December 31, 2022.
  • GNPA of the Retail, Rural, and SME Finance has improved to 1.45% as of December 31, 2023, from 1.87% of December 31, 2022.
  • NNPA of the Retail, Rural, and SME Finance has improved to 0.51% as of December 31, 2023, from 0.70% of December 31, 2022.
  • Excluding the infrastructure financing book which the Bank is running down, the GNPA and NNPA of the Bank would have been 1.66% and 0.47% respectively as of December 31, 2023.
  • SMA-1 and SMA-2 (31-90 DPD which is the pre-NPA stage) in Retail, Rural, and SME Finance portfolio has reduced from 0.87% as of March 31, 2023, to 0.85% as of December 31, 2023.
  • Collection efficiency for urban retail business (excluding prepayments and EMI arrears) in the current bucket continues to remain high at 99.6%.
  • Provision coverage ratio (including technical write-off) of the bank has increased to 84.68% as of December 31, 2023, from 76.60% as of December 31, 2022.
  • Standard restructured book as % of total funded assets improved to 0.35% on December 31, 2023.

Capital Position & Liquidity

  • Capital Adequacy of the Bank was strong at 16.73% with a CET-1 Ratio at 13.95% as of December 31, 2023. The Bank raised fresh equity capital of Rs 3,000 crore in 1st week of October 2023.
  • Average LCR was strong at 121% for the quarter ending on December 31, 2023.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are happy to share that our deposits continue to grow strongly at 43% YoY, and our CASA ratio continues to be strong at 46.8%. Our asset quality continues to improve. On the Retail, Rural & SME business, which is a significant part of our business, the Gross NPA and Net NPA continue to remain low and are at 1.45% and 0.50% respectively as of 31st December 2023. We will remain very watchful on this front all the time.

We have registered a profit of Rs 2,232 crore in 9MFY24, representing a growth of 37% over PAT of Rs 1,635 crore in 9MFY23.

At the time of the merger of IDFC Bank and Capital First, the Bank provided Guidance 1.0. As of 31st December 2023, IDFC FIRST Bank has completed exactly 5 years post the merger and hence we are providing Guidance 2.0 (FY 24-29), with greater visibility as compared to the visibility we had at the time of providing Guidance 1.0. We are likely to meet most targets under Guidance 1.0”

 

Result PDF

IDFC First Bank announced Q2FY24 results:

1. Profitability:
- IDFC FIRST Bank's net profit for Q2FY24 grew 35% YoY to Rs 751 crore, driven by strong growth in core operating income.
- Core operating income increased by 35% YoY to Rs 5,326 crore in Q2FY24.
- The bank reported a core operating profit of Rs 1,456 crore, a 38% YoY growth.
- Net interest income (NII) grew 32% YoY to Rs 3,950 crore in Q2FY24.
- Fee and other income increased by 46% YoY to Rs 1,376 crore in Q2FY24.

2. Deposits & Borrowings:
- Customer deposits increased by 44% YoY to Rs 1,64,726 crore as of September 30, 2023.
- CASA deposits grew by 26% YoY to Rs 79,468 crore, with a CASA ratio of 46.4%.
- Retail deposits increased by 50% YoY to Rs 1,27,595 crore, constituting 77% of total customer deposits.
- Legacy high-cost borrowings reduced to Rs 15,002 crore as of September 30, 2023.

3. Funded Assets:
- Funded assets, including advances and credit substitutes, grew 26% YoY to Rs 1,83,236 crore.
- Infrastructure financing now constitutes only 1.8% of total funded assets.

4. Assets Quality:
- Gross NPA improved to 2.11% as of September 30, 2023, compared to 3.18% as of September 30, 2022.
- Net NPA improved to 0.68% as of September 30, 2023, compared to 1.09% as of September 30, 2022.
- GNPA and NNPA of the Retail, Rural, and SME Finance segment are at 1.53% and 0.52% respectively.
- SMA-1 and SMA-2 in the Retail, Rural, and SME Finance portfolio reduced to 0.77% as of September 30, 2023.
- Provision coverage ratio increased to 84.09% as of September 30, 2023.

5. Capital Position & Liquidity:
- Capital adequacy stood at 16.54% with CET-1 ratio at 13.49% as of September 30, 2023.
- The Bank raised Rs 3,000 crore through qualified institutional placement (QIP) in October 2023.
- Average LCR was strong at 122% for the quarter ending September 30, 2023.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "As mentioned before, we are firmly fixated on building our Bank for the 'long-run' and are building our fundamentals, our culture, and our products keeping long-run thinking in mind.

Diversified customer deposits are the most important foundational capability for a Bank. We are sincerely thankful for such goodwill from our esteemed customers because of which our customer deposits continue to grow well at 44% YoY, and our CASA ratio continues to be strong at 46.4%.

We have registered a profit of Rs 1,516 crore in H1FY24, representing a growth of 47% over PAT of Rs 1,030 crore in H1FY23."

 

 

Result PDF

IDFC First Bank announced Q1FY24 results:

  • Net profit for Q1FY24 grew 61% YoY from Rs 474 crore in Q1FY23 to Rs 765 crore in Q1FY24 driven by strong growth in core operating income.
  • Core operating Profit (pre-provision operating profit excluding trading gains) grew strongly by 45% YoY from Rs 987 crore in Q1FY23 to Rs 1,427 crore for Q1FY24.
  • Net interest income (NII) grew 36% YoY from Rs 2,751 crore in Q1FY23 to Rs 3,745 crore in Q1FY24.
  • Net interest margin (gross of IBPC and selldown) was 6.33% in Q1FY24 as compared to 5.77% in Q1FY23 and 6.41% in Q4FY23.
  • Fee and other income grew by 49% YoY from Rs 899 crore in Q1FY23 to Rs 1,341 crore in Q1FY24. Retail fees constitute 91% of the overall fees for Q1FY24.
  • Core operating income (NII plus Fees, excluding trading gains) grew 39% from Rs 3,650 crore in Q1FY23 to Rs 5,086 crore in Q1FY24.
  • Operating expenses grew by 37% YoY from Rs 2,663 crore in Q1FY23 to Rs 3,659 crore in Q1FY24, primarily on account of employee increments, branch expansion, and an increase in business volumes.
  • Provisions increased 55% YoY from Rs 308 crore in Q1FY23 to Rs 476 crore in Q1FY24. The credit cost (quarterly annualized) as % of average funded assets for Q1FY24 was 1.16% as against 1.26% in Q4FY23.
  • RoA (annualized) improved from 0.97% in Q1FY23 to 1.26% in Q1FY24.
  • RoE (annualized) improved from 8.96% in Q1FY23 to 11.78% in Q1FY24, including the impact of about 60 bps due to equity capital raise in March 2023.

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “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. In the Retail, Rural & SME business, where our Bank particularly specializes, the Gross NPA has come down to as low as 1.53% and the Net NPA has come down to 0.52%.

We are happy to state that we have registered a profit of Rs 765 crore in Q1FY24, representing a growth of 61% over the PAT of Rs 474 crore in Q1FY23.

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.”

 

 

Result PDF

IDFC First Bank announced Q4FY23 & FY23 results:

  • Q4FY23:
    • The quarterly net profit grew 134% YoY from Rs 343 crore in Q4FY22 to Rs 803 crore in Q4FY23 driven by strong growth in core operating income.
    • The core ROE on this basis would have been 12.3%, which has increased from ROE of 6.67% for Q4FY22.
    • NII grew 35% YoY from Rs 2,669 crore in Q4FY22 to Rs 3,597 crore in Q4FY23.
    • Fee and other income grew 40% YoY from Rs 841 crore in Q4FY22 to Rs 1,181 crore in Q4FY23. Retail fees constituted 91% of the overall fees for Q4FY23.
    • For the quarter, the core operating profit grew by 61% YoY from Rs 836 crore in Q4FY22 to Rs 1,342 crore in Q4FY23.
    • For Q4FY23, after adjusting for one-time items, RoA increased from 0.76% in Q4FY22 to 1.23% in Q4FY23.
    • The ROE increased from 6.67% in Q4FY22 to 12.30% in Q4FY23
  • FY23:
    • Net profit for the year stood at Rs 2,437 crore, compared to Rs 145 crore in FY22
    • Net interest income (NII) for the year grew 30% YoY, from Rs 9,706 crore in FY22 to Rs 12,635 crore in FY23
    • Fee and other Income for the year grew by 54% YoY from Rs 2,691 crore in FY22 to Rs 4,142 crore in FY23
    • Core operating profit (NII plus fees less opex, excluding trading gains) for the year grew 67% YoY from Rs 2,753 crore in FY22 to Rs 4,607 crore in FY23
    • Provisions for the year decreased by 46% YoY from Rs 3,109 crore in FY22 to Rs 1,665 crore in FY23. Credit cost for FY23 was 1.16% against the guidance of 1.5%.
    • ROA improved from 0.08% in FY22 to 1.13% in FY23
    • ROE for FY23 improved to 10.95% from 0.75% in FY22

V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation for the bank with diversified customer deposits and diversified loan book. More importantly, I’m happy to share that the asset quality remains high. On the retail side, the Gross NPA is 1.65% and the net NPA is at 0.55%, against the guidance of Gross NPA of 2.0% and NNPA of less than 1%. If we exclude the infrastructure financing book, which is anyway in run-down mode, the Gross NPA and Net NPA would be 1.84% and 0.46% at the overall bank level.” We have registered our highest-ever quarterly profit of Rs 803 crores in Q4FY23 and the highest-ever yearly profit of Rs 2,437 crores in FY23. We sincerely thank all our stakeholders for their goodwill towards us even while we were building the foundation with a strong deposit franchise and CASA of nearly 50%. Now the bank is firmly into profits, and we believe we can deliver strong financial performance from here on. The Bank would continue to focus on building a strong culture of customer friendliness, customer service, ethics, and high levels of corporate governance in the bank”.

 

Result PDF

IDFC First Bank announced Q3FY23 results:

  • Q3FY23:
    • Deposits & Borrowings:
      • Customer Deposits increased by 44% from Rs 85,818 crore as of Q3FY22 to Rs 1,23,578 crore as of Q3FY23.
      • CASA deposits grew by 39% YoY from Rs 47,859 crore as of Q3FY22 to Rs 66,498 crore as of Q3FY23.
      • CASA ratio reduced from 51.6% as of Q3FY22 to 50% as of Q3FY23.
      • Retail deposits constitute 77% of total customer deposits as of Q3FY23.
      • Legacy high-cost borrowings reduced from Rs 26,163 crore as of Q3FY22 to Rs 18,762 crore as of Q3FY23.
    • Funded Assets:
      • Funded assets (including advances & credit substitutes) increased by 25% YoY from Rs 1,21,419 crore as of Q3FY22 to Rs 1,52,152 crore as of Q3FY23.
      • The bank continues to wind down infrastructure financing as per stated strategy. Infrastructure financing reduced by 31% on a YoY basis and now constitutes only 3.7% of total funded assets as of Q3FY23.
      • Exposure to top 20 single borrowers reduced from 11% as of Q3FY22 to 7% as of Q3FY23.
    • Profitability:
      • Net profit for 9MFY23 increased to Rs 1,635 crore from net loss of Rs 197 crore in 9MFY22.
      • Net profit for Q3FY23 grew 115% YoY from Rs 281 crore in Q3FY22 to Rs 605 crore in Q3FY23 driven by strong growth in core operating income.
      • Net Interest Income (NII) grew 27% YoY from Rs 2,580 crore in Q3FY22 to Rs 3,285 crore in Q3FY23.
      • Fee and other income grew by 50% YoY from Rs 744 crore in Q3FY22 to Rs 1,117 crore in Q3FY23.
      • Retail fees constitute 91% of the overall fees for the quarter Q3FY23.
      • While the core operating income (NII plus fees, excluding trading gains) grew 32% from Rs 3,324 crore in Q3FY22 to Rs 4,402 crore in Q3FY23, the operating expense grew slower than income growth at only 23% YoY from Rs 2,579 crore in Q3FY22 to Rs 3,177 crore in Q3FY23, thus resulting in improved operating leverage.
      • Consequently, the core operating profit (excluding trading gains) grew strongly by 64% YoY from Rs 745 crore in Q3FY22 to Rs 1,225 crore for the quarter Q3FY23.
      • Provisions increased 15% YoY from Rs 392 crore in Q3FY22 to Rs 450 crore in Q3FY23.
      • The credit cost (quarterly annualized) as % of average funded assets for Q3FY23 was 1.2%. For 9MFY23, the annualized credit cost was 1.1% against the provided guidance of 1.5% for FY23.
        The RoA (annualized) improved from 0.64% in Q3FY22 to 1.11% in Q3FY23
      • The RoE (annualized) improved from 5.44% in Q3FY22 to 10.72% in Q3FY23.
    • Capital Position & Liquidity:
      • Capital Adequacy (including profits for 9MFY23) of the bank was strong at 16.06% with CET-1 Ratio of 13.49% as of Q3FY23.
      • Average LCR was strong at 122% for the quarter ending in Q3FY23.

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are happy to state that we have now built a strong foundation for the bank with CASA ratio at 50% and strong retail deposit franchise contributing 77% of the overall customer deposits. The deposit franchise continues to grow strong at the bank based on our customer friendly products & services, excellent customer service, strong brand known for corporate governance, ethics and digital innovations. We are now confident of growing our loan book in a stable manner on this strong platform.

We are happy to share that our asset quality continues to remain strong. On the retail side, where our bank particularly specializes in, the gross NPA has come down to 1.87% and the net NPA has come down to 0.70%, against the guidance of GNPA and NNPA of 2% and 1% respectively.

Even at the overall bank-level, both the Gross and Net NPA improved to 2.96% and 1.03% respectively from 3.96% and 1.74% last year same time. We are confident that our improvement trend would continue going forward as the issues on legacy wholesale book, especially in infrastructure finance, are addressed and the book continues to run down.

We are happy to state that we have registered our highest-ever profit of Rs 605 crore in Q3FY23 and our return on equity has now moved firmly into double digits.

We thank all our stakeholders for their confidence and support during the last many years and we believe we are all set to deliver strong financial performance from here on. We continue to focus on building a strong culture of customer friendliness, customer service ethics and high levels of corporate governance in the bank in terms of our customer practices.”

 

Result PDF

IDFC First Bank announced Q2FY23 results:

  • NII grew by 32% on YoY basis to Rs. 3,002 crore in Q2FY23.
  • Net Interest Margin improved by 15 bps on YoY basis to 5.98% in Q2FY23.
  • Fee and Other Income grew by 44% YoY to Rs. 945 crore in Q2FY23.
  • Core operating income (excl. trading gains) grew by 35% YoY to Rs. 3,947 crore in Q2FY23
  •  Core operating profit (excl. trading gains) grew by 84% YoY to Rs. 1,052 crore in Q2FY23
  • Provisions were lower by 11% YoY basis at Rs. 424 crore in Q2FY23 at 1.2% (annualized) of average funded assets.
  • Net Profit grew by 266% on YoY basis to Rs. 556 crore in Q2FY23.
  • ROA (annualized) reached 1.07% and ROE (annualized) reached 10.13% in Q2FY23

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation at the bank over the past three years. This includes a strong retail liabilities franchise with strong CASA ratio of 50% and great service standards. Our philosophy of ethical banking and high levels of corporate governance are also our pillars. I believe we can grow from here on in a stable manner.”

“Our profit after tax has grown consistently for the 5th consecutive quarter, reflecting the resilience of our franchise. I am happy to share that we have posted the highest-ever profit in the history of the Bank this quarter at Rs. 556 crore, driven by strong growth in core operating income. We are confident of sustaining this trend as the new lines of businesses launched, such as cash management, wealth management, FASTag, credit cards, are at the start of the journey and have immense potential going forward. “

“On the asset quality front, we have a long track record of 12 years of maintaining our retail gross NPA and net NPA at around 2% and 1% respectively through the economic slowdown in 2010-2014, Demonetisation in 2016, GST implementation in 2017, and ILFS crisis in 2018-19. I am happy to share that even after COVID, the retail asset quality has reverted to long term sustainable levels with GNPA of 2.03% and NNPA of 0.73% as of September 30, 2022.”

Going forward, we are optimistic about maintaining our growth momentum on the basis of strong foundations we have built at the Bank.”

 

Result PDF

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