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IDFC: No uptick in loan sanctions - Views on News from Equitymaster

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IDFC: No uptick in loan sanctions

May 2, 2013

IDFC declared its results for the fourth quarter and financial year 2012-13 (FY13). The institution grew its income from operations and profits by 28% and 18% YoY respectively. Here is our analysis of the results.

Performance summary
  • Consolidated income from operations grows 29% YoY in 4QFY13 and by 28% YoY in FY13, on the back of 16% YoY growth in advances. Disbursements fell by 3.9% YoY, while sanctions dropped by 16.6% YoY in FY13 on account of a slowdown in infrastructure activity.
  • Overall asset management revenues were flat in FY13, total asset under management (AUM) stands at Rs 389 bn at the end of March 2013. While the mutual fund contributed to some of the growth, fees from the alternatives business faltered.
  • Net interest margins (NIM) decrease marginally to 4.1% from 4.3% in FY12.
  • Other income sees an almost 89% fall YoY in FY13. This is purely due to base effect as the company's other income for FY12 was buoyed by the sale of a stake in IDFC Asset Management Company in 3QFY12.
  • Bottomline grows by 57% YoY in 4QFY13 and by 18% in YoY FY13 despite higher provisioning.
  • Capital adequacy ratio stands at a robust 22.1% at the end of FY13 (Tier-1 ratio of 19.8%). Net NPAs come in at 0.1% at the end of March 2013.

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