BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDFC First Bank Ltd. reports disappointing Q1 performance with elevated provisions.
Net interest income growth as at 25% YoY to Rs 2,185 crore, mainly due to 42 basis points QoQ and 65 bps YoY improvement in net interest margins to 5.5%.
Improvement in net interest margin is primarily attributable to decline in cost of funds led by reduction in deposit rates.
Non-interest income came in at Rs 849 crore, led by a sequential increase in treasury income, though fee income remained healthy.
Provisions increased by three times from Rs 603 crore in Q4 FY21 to Rs 1879 crore, including additionally Covid-19 related provisions of Rs 350 crore during the quarter taking the tally to Rs 725 crore.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.