Great set of results by IDFC First Bank -
- NII up 27.3% YoY, 9.4% QoQ to Rs 3285 Cr
- PPOP up 63.8% YoY, 7.9% QoQ To Rs 1261 cr
- Net profit up 115.3%, 8.8% QoQ to Rs 605 cr
- Asset quality improves
- CASA ratio, RoA, RoE Improves
- NIMs above 6%
A short thread -
- NII up 27.3% YoY, 9.4% QoQ to Rs 3285 Cr
- PPOP up 63.8% YoY, 7.9% QoQ To Rs 1261 cr
- Net profit up 115.3%, 8.8% QoQ to Rs 605 cr
- Asset quality improves
- CASA ratio, RoA, RoE Improves
- NIMs above 6%
A short thread -
1/n
- SMA-1 and SMA-2 (31-90 DPD which is the pre-NPA stage) in the retail and commercial portfolio have reduced from 3.3% as of December 31, 2021, to 1.0% as of December 31, 2022 - This is great
- Infrastructure financing - 3.7% of total funded assets
- SMA-1 and SMA-2 (31-90 DPD which is the pre-NPA stage) in the retail and commercial portfolio have reduced from 3.3% as of December 31, 2021, to 1.0% as of December 31, 2022 - This is great
- Infrastructure financing - 3.7% of total funded assets
2/n
- Top 20 single borrowers reduced from 11% as of December 31, 2021, to 7% as of December 31, 2022
- Legacy High-Cost Borrowings reduced from Rs. 26,163 crores as of December 31, 2021, to Rs. 18,762 crores as of December 31, 2022.
- Top 20 single borrowers reduced from 11% as of December 31, 2021, to 7% as of December 31, 2022
- Legacy High-Cost Borrowings reduced from Rs. 26,163 crores as of December 31, 2021, to Rs. 18,762 crores as of December 31, 2022.
3/n
- 11 mn+ FASTag issued since the launch
- Credit Card Spends: Growth of 87% YoY and 19% QoQ
- 1.3 mn+ Credit cards issued since launch in January 2021
- POS Transactions (Q3 FY23): (Vol): 76% growth YoY (Value): 78% growth YoY
- 11 mn+ FASTag issued since the launch
- Credit Card Spends: Growth of 87% YoY and 19% QoQ
- 1.3 mn+ Credit cards issued since launch in January 2021
- POS Transactions (Q3 FY23): (Vol): 76% growth YoY (Value): 78% growth YoY
4/n
- The Bank has a track record of maintaining Gross NPA at ~ 2% and Net NPA at around 1% for over 10 years
- The Bank has a track record of maintaining Gross NPA at ~ 2% and Net NPA at around 1% for over 10 years
5/n
Guidance for FY23 -
Loan growth - 20% to 25% (Reiterated Emkay & MOSL conference guidance where we had met VV)
NIMs - 5.8% to 6%
CASA at 50% - happy with this
ROE - 15% to 17% in coming years
800-1000 branches target by FY25 - no changes
No reco strictly.
Guidance for FY23 -
Loan growth - 20% to 25% (Reiterated Emkay & MOSL conference guidance where we had met VV)
NIMs - 5.8% to 6%
CASA at 50% - happy with this
ROE - 15% to 17% in coming years
800-1000 branches target by FY25 - no changes
No reco strictly.
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