Mumbai, October 30, 2021 (GPN):

Financial results at a glance

The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter and the half year ended September 30, 2021.

Key highlights:

• Net Profit grew by 50% YoY basis to reach Rs. 152 crore in Q2-FY22
• Profit Before Tax grew by 72% YOY to reach Rs. 218 crore in Q2-FY22
• NII grew by 27% on a YoY basis to reach Rs. 2,272 crore in Q2-FY22
  • NIM%: Increased to 5.76% in Q2-FY22 as compared to 4.91% in Q2-FY21
• Bank’s core operating income (net of interest expense and excluding trading gains) grew by 41% YOY to Rs. 2,930 crore in Q2-FY22
• PPOP (excluding Treasury Gains) grew by 23% YOY to reach Rs. 571 crore
• CASA balance: Grew by 53% YoY basis to reach Rs. 46,269 crore.
  • CASA ratio: 51.28% as of Sep 30, 2021, as compared to 40.37% as of Sep 30, 2020.
• Customer Deposits: grew by 21% YoY to reach Rs. 83,889 crore
• Funded Assets: grew by 10% YoY to reach Rs. 1,17,270 crore
  • Retail Loan Assets: grew by 30% YoY to reach Rs. 78,048 crore, primarily driven by growth in Home Loans which grew by 46% YOY
• Asset quality at Bank Level: GNPA and NNPA at 4.27% and 2.09% respectively. GNPA and NNPA reduced sequentially by 35 bps and 23 bps respectively
  • Retail Asset Quality: GNPA and NNPA at 3.45% and 1.66% respectively
  • Collection Efficiency: Early bucket collection efficiency surpassed Pre-COVID levels for both urban and rural retail loans
• Capital Adequacy Ratio: Strong at 15.60% with CET-1 Ratio at 14.85%
• Average Liquidity Coverage Ratio (LCR): Strong at 174% for Q2-FY22.

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are seeing strong revival of the economy and strong demand for home loans, loan against property, MSME and consumer loans. The retail loan book is now highly diversified across over 10 lines of business and millions of customers. Further, the quality of the deposit franchise also improved significantly; our CASA Ratio has sustained at upwards of 50% even after reducing rates. As far as asset quality is concerned, we are confident that we will soon revert to the pre-Covid levels of Gross and Net NPA of 2% and 1% again in the retail business as seen from improvement in the input indicators such as cheque/ mandate bounce percentages, Collection efficiency and recoveries. Looking ahead, we are feeling quite confident.”

 

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