IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter which was higher from Rs 6,424.35 crore reported in the year ago period. It was up by 28% on the year-on-year basis.
Interests expended during the three-month period ended March 31, 2024 stood at 3,750.34 crore versus Rs 2,827.60 crore reported in Q4FY23. It was up by 32.63%.
The board has granted an approval to bank to borrow funds by issuance of debt Instruments up to Rs 5,000 crore.
Deposits
Total deposits of the Bank increased by 38.7% Y0Y from Rs 1,44,637 crore as of March 31, 2023 to Rs 2,00,576 crore as of March 31, 2024. While customer deposits increased by 41.6% YoY from Rs 1,36,812 crore as of March 31, 2023 to Rs 1,93,753 crore as of March 31, 2024, the CASA deposits grew by 31.7% YoY from Rs 71,983 crore as of March 31, 2023 to Rs 94,768 crore as of March 31, 2024. CASA Ratio stood at 47.2% as of March 31, 2024.The retail deposits grew by 45.7% YoY to Rs 1,51,343 crore in Q4FY2024.Loans & advances
Loans and advances increased by 25.1% YoY to Rs 2,00,965 crores as of March 31, 2024. Other key takeaways
- 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.
- Net profit grew 21% YoY from Rs 2,437 crore in FY23 to Rs 2,957 crore in FY24.
- NII grew 30% YoY from Rs 12,635 crore in FY23 to Rs 16,451 crore in FY24. Net Interest Margin (NIMs) increased from 6.05% in FY23 to 6.36% in FY24, based on AUM.
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