IDFC First Bank on Saturday said its net profit dipped to Rs 724.35 crore for the fourth quarter of FY24, as against Rs 802.62 crore in the year-ago period. IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter, which was higher than Rs 6,424.35 crore reported in the year ago period. It was up by 28% on the year-on-year basis.
The bank's net interest income, or core income, was at Rs 4,469 crore, an increase of 24% year-over-year. Asset quality for the lender improved this quarter, with the gross non-performing asset ratio falling 16 basis points quarter-on-quarter. The Gross NPA stood at 1.88% q-o-q. It was 2. 04% in the December quarter. The net NPA ratio improved to 0. 60%, compared to 0. 68% in the previous quarter.
Provisions for the quarter surged 49.7% year-on-year to Rs 722 crore. The bank's board approved enabling it to borrow funds up to Rs 5,000 crore through the issuance of debt instruments for a period of one year.
• Net Profit grew 21% YOY from Rs. 2,437 crore in FY23 to Rs. 2,957 crore in FY24. Excluding trading gains from both the years, the growth in PAT was at 28% YOY. • Core Pre-Provisioning Operating Profit (PPOP excluding trading gains) grew by 31% YOY from Rs. 4,607 crore in FY23 to Rs. 6,030 crore for FY24. • 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. • Fee and Other Income grew by 40% YOY from Rs. 4,142 crore in FY23 to Rs. 5,795 crore in FY24. • Retail fees constitute 93% of the overall fees for FY24. • Core Operating income grew 33% from Rs. 16,777 crore in FY23 to Rs. 22,245 crore in FY24. • Operating Expense grew by 33% YOY from Rs. 12,170 crore in FY23 to Rs. 16,216 crore in FY24. • Provisions increased 43% YOY from Rs. 1,665 crore in FY23 to Rs. 2,382 crore in FY24. • The credit cost as % of average funded assets for FY24 was 1.32%. • RoA stood at 1.10% for FY24; RoE stood at 10.30% for FY24.
Quarterly Profitability • Net Profit for Q4 FY24 stood at Rs. 724 crore as compared Rs. 803 crore in Q4 FY23. The PAT for Q4 FY 23 was Rs. 701 crore excluding one-time items already called out 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. • Fee and Other Income grew 36% from Rs. 1,181 crore in Q4 FY23 to Rs. 1,610 crore in Q4 FY24. • Operating Expenses grew 29% from Rs. 3,436 crore in Q4 FY23 to Rs. 4,447 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.