IDFC FIRST BANK Announces Quarterly Results (1QFY20); Net Profit Down 440.1%

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IDFC FIRST BANK Announces Quarterly Results (1QFY20); Net Profit Down 440.1%
Mon, 29 Jul

IDFC FIRST BANK has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

IDFC FIRST BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m23,21136,28837,9314.5%63.4%
Other incomeRs m1,9873,1623,105-1.8%56.2%
Total revenuesRs m25,19939,45041,0364.0%62.8%
InterestRs m18,31325,15926,1874.1%43.0%
Gross Profit Rs m4,44410,52210,9654.2%146.8%
Other expensesRs m4,46411,47611,6721.7%161.4%
Profit before taxRs m2,081-4,167-9,630-562.7%
TaxRs m266-1,987-3,457-1400.5%
Profit after taxRs m1,815-2,180-6,174-440.1%
Gross profit margin %19.129.028.9
Effective tax rate%12.847.735.9
Net profit margin%7.8-6.0-16.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 63.4% on a year-on-year (YoY) basis. The interest expended was up by 43.0% YoY during the same period.
  • The bank's operating profit increased by 146.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 28.9% in 1QFY20 as against 19.1% in 1QFY19.
  • Other income increased by 56.2% YoY during the quarter.
  • Net profit for the quarter declined by 440.1% YoY. Net profit margins during the quarter declined from 7.8% in 1QFY19 to -16.3% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 4.5% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 4.1% QoQ during the same period.
  • The bank's operating profit declined by 4.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.9% in 1QFY20 as against 29.0% in 4QFY19.
  • Net profit for the quarter declined by 183.2% QoQ, while net profit margins declined from -6.0% in 4QFY19 to -16.3% in 1QFY20.

To see how IDFC FIRST BANK has performed over the last eight quarters,please visit here.

IDFC FIRST BANK Share Price Performance

Over the last one year,IDFC FIRST BANK share price has moved up from Rs 39.3 to Rs 41.9, registering a Gain of Rs 2.6 or around 6.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 33,135.2 (up 0.0%). Over the last one year it has moved up from 30,743.1 to 33,135.2, a gain of 2,392 points (up 7.8%).

Overall, the S&P BSE SENSEX is up 1.7% over the year.

Current Valuations

At the current price of Rs 41.9, the price to book value (P/BV) ratio of IDFC FIRST BANK stands at 1.1 times.

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