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Capital First: No Blips in Growth So Far
Dec 9, 2016

Capital First announced its results for the second quarter of financial year 2016-17 (2QFY17). The institution grew its income from operations by 57% YoY and the profits by 44% YoY during 1HFY17. Here is the detailed analysis of the results.

Performance Summary
  • Income from operations grew 57% YoY in 1HFY17 with a healthy 17.5% YoY growth in retail AUM. Consequently, the net interest income grew by robust 73% YoY.
  • Net interest margins moved marginally lower from 8.9% in 1HFY16 to 8.8% in 1HFY17.
  • Net profit for 1HFY17 increased by 44% YoY on account of higher net interest income and control on costs, with cost to income ratio at around 62%.
  • Gross NPAs came in marginally lower at 0.98% while the net NPA ratio was at 0.45% in 1HFY17 as against 0.2% in FY15.
  • The capital adequacy ratio of the entity stood comfortable above 19.14% as at the end of September 2016.

    Consolidated financials
    Rs (m) 2QFY15 2QFY16 Change 1HFY16 1HFY17 Change
    Income from operations 4,335 6,815 57.2% 8,285 12,976 56.6%
    Interest Expense 2,116 2,961 39.9% 4,102 5,721 39.5%
    Net Interest Income 2,219 3,854 73.7% 4,183 7,255 73.4%
    Net interest margin (%) 8.9% 8.8%
    Other Income 19 48 152.6% 53 104 96.2%
    Other Expense 1,143 2,066 80.8% 2,126 3,776 77.6%
    Provisions and contingencies 471 1,031 118.9% 980 2,026 106.7%
    Profit before tax 624 805 29.0% 1,130 1,557 37.8%
    Tax 213 229 7.5% 387 491 26.9%
    Profit after tax/ (loss) 411 576 40.1% 743 1,066 43.5%
    Net profit margin (%) 9.5% 8.5% 9.0% 8.2%
    No. of shares (m) 92.3
    Book value per share (Rs) 198.0
    P/BV (x)* 2.8

    *Book value as on 30th September 2016

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