IDFC First Bank Ltd Q3FY21 consolidated PAT higher at Rs. 137.15 crore

IDFC First Bank Ltd has reported financial results for the period ended December 31, 2020.

Financial Results (Q3 FY20-21) - QoQ Comparison

The company has reported total income of Rs.4835.86 crores during the period ended December 31, 2020 as compared to Rs.4081.33 crores during the period ended September 30, 2020.

The company has posted net profit / (loss) of Rs.137.15 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.109.02 crores for the period ended September 30, 2020.

The company has reported EPS of Rs.0.24 for the period ended December 31, 2020 as compared to Rs.0.19 for the period ended September 30, 2020.

Financials	Q3 FY20-21	Q2 FY20-21	% Change
Total Income	₹ 4835.86 crs	₹ 4081.33 crs	18.49%
Net Profit	₹ 137.15 crs	₹ 109.02 crs	25.8%
EPS	₹ 0.24	₹ 0.19	26.32%

Financial Results (Q3 FY20-21) - YoY Comparison

The company has reported total income of Rs.4835.86 crores during the period ended December 31, 2020 as compared to Rs.4778.20 crores during the period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.137.15 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.(1631.59) crores for the period ended December 31, 2019.

The company has reported EPS of Rs.0.24 for the period ended December 31, 2020 as compared to Rs.(3.36) for the period ended December 31, 2019.

Financials	Q3 FY20-21	Q3 FY19-20	% Change
Total Income	₹ 4835.86 crs	₹ 4778.20 crs	1.21%
Net Profit	₹ 137.15 crs	₹ (1631.59) crs	108.41%
EPS	₹ 0.24	₹ (3.36)	107.14%

Financial Results (9 Months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.13330.39 crores during the 9 months period ended December 31, 2020 as compared to Rs.13409.65 crores during the 9 months period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.346.25 crores for the 9 months period ended December 31, 2020 as against net profit / (loss) of Rs.(2919.75) crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.0.63 for the 9 months period ended December 31, 2020 as compared to Rs.(6.02) for the 9 months period ended December 31, 2019.

Financials	9 Months ended FY20-21	9 Months ended FY19-20	% Change
Total Income	₹ 13330.39 crs	₹ 13409.65 crs	-0.59%
Net Profit	₹ 346.25 crs	₹ (2919.75) crs	111.86%
EPS	₹ 0.63	₹(6.02)	110.47%

Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "During the last 7 quarters post-merger, the Bank restricted the growth in the loan book in order to first build the foundation on the deposit side. I am happy to say that with a strong deposit franchise with CASA of 48%, we will now begin to grow the loan book consistently from here on in a steady manner."

"The bank Is getting deposits beyond our own quarterly loan growth requirements and has excess liquidity as of today of Rs. 17,000 crores. Thus, the bank is reducing interest rates on savings accounts from 7% to 6% for deposits upto Rs. 1 crore. We are hoping to drain out certain excess liquidity during this quarter in order to save on negative drag on margins because of excess liquidity."

"The collections are improving strongly every month since July 2020 and has already reached 98% of Pre COVID collections. Basis our experience in collections, a swiftly improving economy, and our provisioning policies we feel the Retail Gross and Net NPA will normalize soon and will revert to long term averages again of 2.3% and 1.2% respectively in retail loans within 2 to 3 quarters."

Shares of IDFC First Bank Ltd was last trading in BSE at Rs.47.2 as compared to the previous close of Rs. 47.9. The total number of shares traded during the day was 2144241 in over 7361 trades.

The stock hit an intraday high of Rs. 49 and intraday low of 47. The net turnover during the day was Rs. 102658538.

Source : Equity Bulls

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