IDFC First Bank announced Q1FY24 results: Net profit for Q1FY24 grew 61% YoY from Rs 474 crore in Q1FY23 to Rs 765 crore in Q1FY24 driven by strong growth in core operating income. Core operating Profit (pre-provision operating profit excluding trading gains) grew strongly by 45% YoY from Rs 987 crore in Q1FY23 to Rs 1,427 crore for Q1FY24. Net interest income (NII) grew 36% YoY from Rs 2,751 crore in Q1FY23 to Rs 3,745 crore in Q1FY24. Net interest margin (gross of IBPC and selldown) was 6.33% in Q1FY24 as compared to 5.77% in Q1FY23 and 6.41% in Q4FY23. Fee and other income grew by 49% YoY from Rs 899 crore in Q1FY23 to Rs 1,341 crore in Q1FY24. Retail fees constitute 91% of the overall fees for Q1FY24. Core operating income (NII plus Fees, excluding trading gains) grew 39% from Rs 3,650 crore in Q1FY23 to Rs 5,086 crore in Q1FY24. Operating expenses grew by 37% YoY from Rs 2,663 crore in Q1FY23 to Rs 3,659 crore in Q1FY24, primarily on account of employee increments, branch expansion, and an increase in business volumes. Provisions increased 55% YoY from Rs 308 crore in Q1FY23 to Rs 476 crore in Q1FY24. The credit cost (quarterly annualized) as % of average funded assets for Q1FY24 was 1.16% as against 1.26% in Q4FY23. RoA (annualized) improved from 0.97% in Q1FY23 to 1.26% in Q1FY24. RoE (annualized) improved from 8.96% in Q1FY23 to 11.78% in Q1FY24, including the impact of about 60 bps due to equity capital raise in March 2023. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We continue to build a strong franchise with a high CASA Ratio of 46.5%. Our retail deposits are growing well, based on our strong positive brand, ethics, customer-friendly products, and digital innovations. We are happy to share that our asset quality continues to remain strong. In the Retail, Rural & SME business, where our Bank particularly specializes, the Gross NPA has come down to as low as 1.53% and the Net NPA has come down to 0.52%. We are happy to state that we have registered a profit of Rs 765 crore in Q1FY24, representing a growth of 61% over the PAT of Rs 474 crore in Q1FY23. During the last four years, we underwent some transformational changes at our Bank. During this period, we got terrific support from all of our shareholders and customers, and we thank you all for the same. We are confident of improving our performance from here on.” Result PDF