IDFC Bank Q2FY23 PAT up 5-fold at Rs567.19 crore on higher revenue thrust and lower provisioning

25 Oct 2022 , 01:28 PM

IDFC First Bank Ltd reported flat 35.22% growth in total revenues for the September 2022 quarter on consolidated basis at Rs6,531cr.

Revenue growth was 13.05% in sequential terms. Net interest income (NII) grew by 32% for the quarter at Rs3,002 crore yoy.

The net interest margin (NIM) expanded by 15% to 5.98%, which also boosted profits. Core operating income grew 35% at Rs3,947 crore while the core operating profits grew 84% at Rs1,052 crore.

CASA low cost deposits grew 37% yoy and account for 51.28% of total deposits.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 411% at Rs567.2cr and it was 16.94% higher on sequential basis.

The sharp surge in NIMs ensured healthy ROA of 1.07% and annualized ROE of 10.13%.

Gross NPAs stood at 3.18% and net NPAs at 1.09%. The provision coverage ratio (PCR) has improved to 83% in Q2FY23, while the liquidity coverage ratio is healthy at 131%.

Capital adequacy ratio is above requirements at 15.35%. PAT margins at 8.68% were flat sequentially but up nearly 4-fold on a yoy basis.

Financial highlights for Sep-22 compared yoy and sequentially

	IDFC First Bank
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 6,531.16	₹ 4,830.14	35.22%	₹ 5,777.37	13.05%
Net Profit (Rs cr)	₹ 567.19	₹ 110.95	411.21%	₹ 485.01	16.94%
Diluted EPS (Rs)	₹ 0.90	₹ 0.18		₹ 0.77
Net Margins	8.68%	2.30%		8.39%