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IDFC First Bank Ltd reports Rs. 136.92 crore consolidated PAT in Q4FY21

Posted On: 2021-05-08 16:58:24 (Time Zone: UTC)


IDFC First Bank Ltd has reported financial results for the period ended March 31, 2021.

Financial Results (Q4 FY20-21) - QoQ Comparison

The company has reported total income of Rs.4834.19 crores during the period ended March 31, 2021 as compared to Rs.4860.16 crores during the period ended December 31, 2020.

The company has posted net profit / (loss) of Rs.136.92 crores for the period ended March 31, 2021 as against net profit / (loss) of Rs.137.15 crores for the period ended December 31, 2020.

The company has reported EPS of Rs.0.24 for the period ended March 31, 2021 as compared to Rs.0.24 for the period ended December 31, 2020.

FinancialsQ4 FY20-21Q3 FY20-21% Change
Total Income₹ 4834.19 crs₹ 4860.16 crsDown Tick -0.53%
Net Profit₹ 136.92 crs₹ 137.15 crsDown Tick -0.17%
EPS₹ 0.24₹ 0.24Up Tick 0%

Financial Results (Q4 FY20-21) - YoY Comparison

The company has reported total income of Rs.4834.19 crores during the period ended March 31, 2021 as compared to Rs.4576.03 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.136.92 crores for the period ended March 31, 2021 as against net profit / (loss) of Rs.76.36 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.0.24 for the period ended March 31, 2021 as compared to Rs.0.16 for the period ended March 31, 2020.

FinancialsQ4 FY20-21Q4 FY19-20% Change
Total Income₹ 4834.19 crs₹ 4576.03 crsUp Tick 5.64%
Net Profit₹ 136.92 crs₹ 76.36 crsUp Tick 79.31%
EPS₹ 0.24₹ 0.16Up Tick 50%

Financial Results (Year ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.18221.95 crores during the 12 months period ended March 31, 2021 as compared to Rs.18030.35 crores during the 12 months period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.483.17 crores for the 12 months period ended March 31, 2021 as against net profit / (loss) of Rs.(2843.39) crores for the 12 months period ended March 31, 2020.

The company has reported EPS of Rs.0.87 for the 12 months period ended March 31, 2021 as compared to Rs.(5.86) for the 12 months period ended March 31, 2020.

FinancialsYear Ended FY20-21Year Ended FY19-20% Change
Total Income₹ 18221.95 crs₹ 18030.35 crsUp Tick 1.06%
Net Profit₹ 483.17 crs₹ (2843.39) crsUp Tick 116.99%
EPS₹ 0.87₹(5.86)Up Tick 114.85%

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "Including the equity capital of Rs. 3000 crore raised through QIP on April 6, 2021, our overall capital adequacy is strong at 16.32%. We maintain high levels of liquidity with liquidity coverage ratio of 153%. We therefore approach FY 22 with strength and confidence.

Strong inflows from retail customers based on our strong brand, our excellent service levels, and strong product proposition has resulted in surplus liquidity at the bank. Our CASA grew 122% last year and we reached a record CASA ratio of 51.75%. We have therefore reduced our savings rates to as low as 4% and peak savings rates to 5%, effective May 1.

This reduction of savings rates to market benchmarks is a seminal moment in our journey as a Bank, as we will now be able to participate in the Prime Home loans market, which is largely to employees of top Corporates. The Bank has started offering prime Home loans at as low as 6.9%. This will set the Bank up for perennial growth with even better asset quality going forward.

Our home loan book grew strongly at 37% during FY21. Home loans is a large Rs. 25 lac crore market in India and home loans will continue to be our key business line going forward as well.

When COVID 1.0 struck in March 2020, we made necessary changes by restricting lending to COVID affected industries and by tightening credit norms accordingly. Thus the loans booked after June 2020 already factor in the COVID impact, and are in fact behaving better than pre-COVID bookings, adjusted for like-to-like vintage.

On the collections front, we're happy to report that our collection efficiency for early buckets in March '21 reached 100% of pre-Covid (Jan- Feb 2020) levels. We will closely watch the impact of COVID second wave and deal with the situation accordingly. Our bounce back of collections to 100% when economic activity revived in H2 2021 demonstrates that our underlying portfolio quality is high and when the economy revives, customers do start repaying well again.

With accelerated digital initiatives, new product launches including credit cards, and significant investment in creating superior customer experience, the Bank is now on a strong footing to participate in the emerging opportunities of FY22."

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.56.7 as compared to the previous close of Rs. 56.85. The total number of shares traded during the day was 2415687 in over 8600 trades.

The stock hit an intraday high of Rs. 57.5 and intraday low of 56.45. The net turnover during the day was Rs. 137490952.


Source: Equity Bulls

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