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IDFC: Slowdown hits hard

Nov 1, 2013

IDFC declared its results for the second quarter and first half of the financial year 2013-14 (FY14). The institution grew its income from operations and profits by 5.3% and 2.5% YoY respectively in 2QFY14. The profits for the first half grew at robust 22.1% YoY. Here is our analysis of the results.

Performance summary
  • Consolidated income from operations grows 5.3% YoY in 2QFY14 and 15% YoY for 1HFY14. While advances grew 3% YoY, the disbursements fell during 2QFY14. This was largely on account of slowdown in infrastructure activity and other macro turbulences.
  • Total asset under management (AUM) stands at Rs 486 bn at the end of September 2013. While the mutual fund contributed to some of the growth, fees from the alternatives business did not show up an impressive performance.
  • Net interest margins (NIM) remains stable at 4.1% in 2QFY14.
  • Bottomline grows by mere 2.5% YoY in 2QFY14 mainly on account of higher provisioning.
  • Net NPAs come in at 0.2% at the end of September 2013.
  • Capital adequacy ratio stands at a robust 23.9% at the end of 2QFY14 (Tier-1 ratio of 21.6%).

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