Q4FY23 Quarterly & FY23 Annual Result Announced for IDFC First Bank Ltd.
IDFC First Bank announced Q4FY23 & FY23 results: Q4FY23: The quarterly net profit grew 134% YoY from Rs 343 crore in Q4FY22 to Rs 803 crore in Q4FY23 driven by strong growth in core operating income. The core ROE on this basis would have been 12.3%, which has increased from ROE of 6.67% for Q4FY22. NII grew 35% YoY from Rs 2,669 crore in Q4FY22 to Rs 3,597 crore in Q4FY23. Fee and other income grew 40% YoY from Rs 841 crore in Q4FY22 to Rs 1,181 crore in Q4FY23. Retail fees constituted 91% of the overall fees for Q4FY23. For the quarter, the core operating profit grew by 61% YoY from Rs 836 crore in Q4FY22 to Rs 1,342 crore in Q4FY23. For Q4FY23, after adjusting for one-time items, RoA increased from 0.76% in Q4FY22 to 1.23% in Q4FY23. The ROE increased from 6.67% in Q4FY22 to 12.30% in Q4FY23 FY23: Net profit for the year stood at Rs 2,437 crore, compared to Rs 145 crore in FY22 Net interest income (NII) for the year grew 30% YoY, from Rs 9,706 crore in FY22 to Rs 12,635 crore in FY23 Fee and other Income for the year grew by 54% YoY from Rs 2,691 crore in FY22 to Rs 4,142 crore in FY23 Core operating profit (NII plus fees less opex, excluding trading gains) for the year grew 67% YoY from Rs 2,753 crore in FY22 to Rs 4,607 crore in FY23 Provisions for the year decreased by 46% YoY from Rs 3,109 crore in FY22 to Rs 1,665 crore in FY23. Credit cost for FY23 was 1.16% against the guidance of 1.5%. ROA improved from 0.08% in FY22 to 1.13% in FY23 ROE for FY23 improved to 10.95% from 0.75% in FY22 V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation for the bank with diversified customer deposits and diversified loan book. More importantly, I’m happy to share that the asset quality remains high. On the retail side, the Gross NPA is 1.65% and the net NPA is at 0.55%, against the guidance of Gross NPA of 2.0% and NNPA of less than 1%. If we exclude the infrastructure financing book, which is anyway in run-down mode, the Gross NPA and Net NPA would be 1.84% and 0.46% at the overall bank level.” We have registered our highest-ever quarterly profit of Rs 803 crores in Q4FY23 and the highest-ever yearly profit of Rs 2,437 crores in FY23. We sincerely thank all our stakeholders for their goodwill towards us even while we were building the foundation with a strong deposit franchise and CASA of nearly 50%. Now the bank is firmly into profits, and we believe we can deliver strong financial performance from here on. The Bank would continue to focus on building a strong culture of customer friendliness, customer service, ethics, and high levels of corporate governance in the bank”. Result PDF02-05-2023
