IDFC First Bank's net profit for the fourth quarter of fiscal 2024 increased, meeting analysts' expectations.
Standalone net profit for the quarter ended March rose 9.8% year-on-year to Rs 724 crore, according to an exchange filing on Saturday. Analysts polled by Bloomberg expected net profit to be 756.14 million rupees.
The lender's net interest income, or core income, was Rs 4,469 crore, up 24% year-on-year. Other income increased by 17.5% year-on-year to 1,642 million rupees.
IDFC First Bank Q4 Financial Highlights (Standalone)
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Net profit increased by 9.8% to Rs 724 million and Rs 830 million (YoY).
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Net interest income increased by 24% to Rs 4,469 crore (YoY) against Rs 3,597 crore.
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Gross NPAs were 1.88% vs. 2.04% (QoQ).
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NNPA 0.60% vs. 0.68% (QoQ).
The lender's asset quality improved, with the gross non-performing asset ratio decreasing 16 basis points sequentially to 1.88%. The net NPA ratio also improved to 0.60% from 0.68% in the previous quarter.
Provisions for the quarter rose 49.7% year-on-year to Rs 722 million. The provision coverage ratio including technical write-offs for the quarter ended March was 86.58%.
The lender's operating expenses increased by 29% on an annual basis to Rs 4,447 crore. Of this, personnel expenses increased by 27.6% year-on-year to 1,328 million rupees, and other operating expenses increased by 30.2% to 3,119 million rupees on an annual basis.
IDFC Daiichi Bank's total deposits, including certificates of deposit, grew 38.7% year-on-year to Rs 200,000 crore. Of this, customer deposits increased by 41.6% year-on-year to 1.93 billion rupees, and retail deposits increased by 45.7% year-on-year to 1.51 billion rupees.
CASA deposits increased by 31.7% year-on-year to Rs 94,768 million. His CASA ratio for the quarter was 47.2%.
Loans and advances (including credit substitution) increased by 25.1% to Rs 200,000 crore.
The bank's board has approved borrowing up to Rs 500 billion through a one-year bond issue. It also approved the reappointment of Mr. V. Vaidyanathan as his MD and CEO for a period of three years, subject to the approval of the Reserve Bank of India.
