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- 31 Jul 2023
- ICICI Securities
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IDFC FIRST BANK DELIVERED HEALTHY IN Q1FY24
IDFCFIRSTB - 77 Change: -0.82 (-1.06 %)News: NII increased 36% YoY to Rs 3745 crore driven by 26% growth in advances and NIM at 6.33% (declined 8 bps QoQ). Fee based income grew 49% YoY. Opex growth came lower than top-line resulting in decline in CO ratio by ~290 bps YoY at 70.9%. Credit cost remained steady at ~30 bps (non-annualised) leading to 61% YoY to Rs 765 crore. Credit growth contributed by across segment with consumer finance book increasing 27%, rural finance at 46% and SME/Corporate at 23% YoY. Deposit growth remained healthy at 44% with higher accretion in fixed deposit resulting in sequential decline of ~330 bps to 46.5%. Diversification of liabilities underway with retail deposits consisting of 77% of liabilities. Asset quality remain robust with GNPA at 2.17; down 34 bps QoQ and PCR at 87.5%.
Views: Continued to deliver healthy performance with 25% growth in advances and 61% YoY uptick in earnings. Healthy collection and elevated PCR provides comfort on asset quality. Gradual improvement witnessed in CI ratio, though further trajectory remains watchful.
Impact: Positive