IDFC FIRST BANK Posts Q2 FY21 Profit after Tax at Rs. 101 crore

IDFC FIRST BANK shares its Q2 FY21 results to exchange today, where they post Profit after Tax of Rs. 101 crore.

CASA deposits grow 142% YoY; CASA% reaches 40.4%; Retail advances up 25%; NIM at 4.57%

IDFC FIRST Bank Q2 2020 Financial results at a glance

PAT: Rs. 101 crore in Q2-FY21 as compared to a loss of Rs. 680 in Q2-FY20
NII: Grew by 22% YoY basis to reach Rs. 1,660 crore in Q2-FY21
NIM%: 4.57% in Q2-FY21 as compared to 3.43% in Q2-FY20
CASA ratio: 40.37% as of 30-Sep-2020 as compared to 18.70% as of 30-Sep-2019
CASA balance: Grew by 142% YoY basis to reach Rs. 30,181 crore
Overall Customer Deposits: Rs. 69,368 crore (grew by 35% YoY, 11% QoQ)
Overall Funded Asset: Rs. 1,06,828 crore (de-grew by 1% YoY, grew by 3% QoQ)
Retail Loan Assets: Rs. 59,860 crore (grew by 25% YoY, 7% QoQ)
Asset quality: Stable with GNPA and NNPA at 1.62% and 0.43% respectively (PCR at 74%)
Capital Adequacy Ratio: Strong at 14.73% with tier-1 CAR at 14.33%
Average Liquidity Coverage Ratio (LCR): Average at 138% for Q2-FY20
The Bank reversed Rs. 811 crore provision out of the existing provision of Rs. 1,622 crore on exposure to a large telecom player, based on improved prospects of the company, and used it for creating provisions for additional COVID-19 contingency of Rs. 1,400 crore; thus making the total COVID-19 contingency provision of Rs. 2,000 crore as of 30-Sep2020, 2.21% of the standard advances.

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