IDFC First Bank reports 168% YoY surge in net profit to Rs 342 crore in Q4

The net interest income (NII) rose 36% YoY to Rs 2,669 crore in Q4FY22, it was Rs 1,960 crore in the same quarter the previous year.

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On Saturday, April 30, IDFC First Bank reported its financial results for the fourth quarter ended on March 2022. Net profit surged 168% YoY to Rs 342 crore in Q4.

The net interest income (NII) rose 36% YoY to Rs 2,669 crore in Q4FY22, it was Rs 1,960 crore in the same quarter the previous year. The net interest margin was recorded at 6.27% in Q4. Income from fees & commissions during the Q4 surged by 40% to Rs 841 crore from Rs 600 crore in the same quarter the previous year.

The non-performing assets (NPA) were reduced to 3.7% in Q4 from 3.96% in the same quarter the previous year. Deposits surged 13% YoY to Rs 93,214 crore.

“For the first three years after merger, we grew the retail deposits base (3 year CAGR of 72%), and slowed down the loan growth (3 year CAGR only 6%) to strengthen the foundation. Now that our CASA is ~50%, we can comfortably grow our loan book between 20- 25% compounded for the next three years. This will give us strong operating leverage and growth and profitability. Our capital adequacy is strong at 16.74%,” said MD & CEO V Vaidyanathan.

On Friday, the shares of IDFC First Bank closed 0.63% lower at Rs 39.45/share.