IDFC First Bank announced Q2FY24 results: 1. Profitability: - IDFC FIRST Bank's net profit for Q2FY24 grew 35% YoY to Rs 751 crore, driven by strong growth in core operating income. - Core operating income increased by 35% YoY to Rs 5,326 crore in Q2FY24. - The bank reported a core operating profit of Rs 1,456 crore, a 38% YoY growth. - Net interest income (NII) grew 32% YoY to Rs 3,950 crore in Q2FY24. - Fee and other income increased by 46% YoY to Rs 1,376 crore in Q2FY24. 2. Deposits & Borrowings: - Customer deposits increased by 44% YoY to Rs 1,64,726 crore as of September 30, 2023. - CASA deposits grew by 26% YoY to Rs 79,468 crore, with a CASA ratio of 46.4%. - Retail deposits increased by 50% YoY to Rs 1,27,595 crore, constituting 77% of total customer deposits. - Legacy high-cost borrowings reduced to Rs 15,002 crore as of September 30, 2023. 3. Funded Assets: - Funded assets, including advances and credit substitutes, grew 26% YoY to Rs 1,83,236 crore. - Infrastructure financing now constitutes only 1.8% of total funded assets. 4. Assets Quality: - Gross NPA improved to 2.11% as of September 30, 2023, compared to 3.18% as of September 30, 2022. - Net NPA improved to 0.68% as of September 30, 2023, compared to 1.09% as of September 30, 2022. - GNPA and NNPA of the Retail, Rural, and SME Finance segment are at 1.53% and 0.52% respectively. - SMA-1 and SMA-2 in the Retail, Rural, and SME Finance portfolio reduced to 0.77% as of September 30, 2023. - Provision coverage ratio increased to 84.09% as of September 30, 2023. 5. Capital Position & Liquidity: - Capital adequacy stood at 16.54% with CET-1 ratio at 13.49% as of September 30, 2023. - The Bank raised Rs 3,000 crore through qualified institutional placement (QIP) in October 2023. - Average LCR was strong at 122% for the quarter ending September 30, 2023. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "As mentioned before, we are firmly fixated on building our Bank for the 'long-run' and are building our fundamentals, our culture, and our products keeping long-run thinking in mind. Diversified customer deposits are the most important foundational capability for a Bank. We are sincerely thankful for such goodwill from our esteemed customers because of which our customer deposits continue to grow well at 44% YoY, and our CASA ratio continues to be strong at 46.4%. We have registered a profit of Rs 1,516 crore in H1FY24, representing a growth of 47% over PAT of Rs 1,030 crore in H1FY23." Result PDF