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IDFC First Bank Ltd posts consolidated PAT of Rs. 109.02 crore in Q2FY2021

Posted On: 2020-10-31 08:39:12


IDFC First Bank Ltd has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.4081.33 crores during the period ended September 30, 2020 as compared to Rs.4413.19 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.109.02 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.100.07 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.0.19 for the period ended September 30, 2020 as compared to Rs.0.20 for the period ended June 30, 2020.

FinancialsQ2 FY20-21Q1 FY20-21% Change
Total Income₹ 4081.33 crs₹ 4413.19 crsDown Tick -7.52%
Net Profit₹ 109.02 crs₹ 100.07 crsUp Tick 8.94%
EPS₹ 0.19₹ 0.20Down Tick -5%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.4081.33 crores during the period ended September 30, 2020 as compared to Rs.4454.26 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.109.02 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.(676.52) crores for the period ended September 30, 2019.

The company has reported EPS of Rs.0.19 for the period ended September 30, 2020 as compared to Rs.(1.37) for the period ended September 30, 2019.

FinancialsQ2 FY20-21Q2 FY19-20% Change
Total Income₹ 4081.33 crs₹ 4454.26 crsDown Tick -8.37%
Net Profit₹ 109.02 crs₹ (676.52) crsDown Tick -116.11%
EPS₹ 0.19₹ (1.37)Down Tick -113.87%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.8494.53 crores during the 6 months period ended September 30, 2020 as compared to Rs.8631.44 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.209.10 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.(1288.15) crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.0.39 for the 6 months period ended September 30, 2020 as compared to Rs.(2.65) for the 6 months period ended September 30, 2019.

FinancialsHalf-Year Ended FY20-21Half-Year Ended FY19-20% Change
Total Income₹ 8494.53 crs₹ 8631.44 crsDown Tick -1.59%
Net Profit₹ 209.10 crs₹ (1288.15) crsDown Tick -116.23%
EPS₹ 0.39₹(2.65)Down Tick -114.72%

Key Highlights:

- NII: Grew by 22% YoY basis to reach Rs. 1,660 crore in Q2-FY21
- NIM%: 4.57% in Q2-FY21 as compared to 3.43% in Q2-FY20
- CASA ratio: 40.37% as of 30-Sep-2020 as compared to 18.70% as of 30-Sep-2019
- CASA balance: Grew by 142% YoY basis to reach Rs. 30,181 crore
- Overall Customer Deposits: Rs. 69,368 crore (grew by 35% YoY, 11% QoQ)
- Overall Funded Asset: Rs. 1,06,828 crore (de-grew by 1% YoY, grew by 3% QoQ)
- Retail Loan Assets: Rs. 59,860 crore (grew by 25% YoY, 7% QoQ)
- Asset quality: Stable with GNPA and NNPA at 1.62% and 0.43% respectively (PCR at 74%)
- Capital Adequacy Ratio: Strong at 14.73% with tier-1 CAR at 14.33%
- Average Liquidity Coverage Ratio (LCR): Average at 138% for Q2-FY20

- The Bank reversed Rs. 811 crore provision out of existing provision of Rs. 1,622 crore on exposure to a large telecom player, based on improved prospects of the company, and used it for creating provisions for additional COVID-19 contingency of Rs. 1,400 crore; thus making the total COVID-19 contingency provision of Rs. 2,000 crore as of 30-Sep2020, 2.21% of the standard advances.

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "Since day one of the merger, our first priority was to strengthen the deposit side of the bank with stable retail deposits. We were very clear that we don't want to grow the loan book until this is addressed. I am happy to say that IDFC FIRST Bank CASA ratio has reached industry best standards of over 40%. With the liability side firmly addressed, you will see growth in the total loan book from Q3 FY21 and onwards. I am further happy to inform you that the collection performance on retail loans have improved sharply after the lockdown has been lifted, and in fact are much stronger than earlier anticipated."

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.30.65 as compared to the previous close of Rs. 30.6. The total number of shares traded during the day was 1398701 in over 26840 trades.

The stock hit an intraday high of Rs. 31.3 and intraday low of 30.25. The net turnover during the day was Rs. 42896533.


Source: Equity Bulls

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