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IDFC First Bank's net more than doubled in Q4

Net Profit of IDFC First Bank grew by 168 per cent YoY basis to reach Rs. 343 crore in Q4-FY22 V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We are happy to share that our core operating profit for Q4 22 has more than doubled (up 106%) to Rs. 836 crore as compared to Rs. 405 crore in Q4 FY 21. This shows the power of the business model we are building. Our PAT is up 168% YoY from Rs. 128 crore to Rs. 343 crore.

IDFC FIRST Bank launches Sticker-based Debit Card
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IDFC FIRST Bank launches Sticker-based Debit Card

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Mumbai, Apr 30 Net Profit of IDFC First Bank grew by 168 per cent YoY basis to reach Rs. 343 crore in Q4-FY22 V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "We are happy to share that our core operating profit for Q4 22 has more than doubled (up 106%) to Rs. 836 crore as compared to Rs. 405 crore in Q4 FY 21. This shows the power of the business model we are building. Our PAT is up 168% YoY from Rs. 128 crore to Rs. 343 crore.

In the retail business, which is one of the key drivers of growth, NPA continues to reduce since the last 4 quarters. Our Retail Gross NPA sharply reduced from 4.01% in FY 21 to 2.63% in FY 22, and Net NPA reduced from 1.90% in FY 21 to 1.15% in FY 22. Based on internal analysis, we are comfortably on our way to reduce retail GNPA and NNPA to 2% and less than 1% respectively as guided earlier.

Whether savings accounts where we offer monthly credit of interest, or credit cards where we offer low APR and no annual or joining fees with easy redemption of rewards points, we have something special in our product offerings to customers. With this Customer First approach, coupled with our strong digital capabilities we are adding millions of new customers every year.

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%."

Kumud Das
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