IDFC FIRST BANK Announces Quarterly Results (1QFY21); Net Profit Up 115.2%

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IDFC FIRST BANK Announces Quarterly Results (1QFY21); Net Profit Up 115.2%
Wed, 26 Aug

IDFC FIRST BANK has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

IDFC FIRST BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m37,93139,55938,314-3.1%1.0%
Other incomeRs m3,1054,8384,8490.2%56.2%
Total revenuesRs m41,03644,39643,162-2.8%5.2%
InterestRs m26,18723,92422,055-7.8%-15.8%
Gross Profit Rs m10,96515,63516,2594.0%48.3%
Other expensesRs m11,67215,27512,191-20.2%4.4%
Profit before taxRs m-9,6301,0741,27518.8%
TaxRs m-3,457358340-5.1%
Profit after taxRs m-6,17471593530.8%
Gross profit margin %28.939.542.4
Effective tax rate%35.933.426.7
Net profit margin%-16.31.82.4
* 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 1.0% on a year-on-year (YoY) basis. The interest expended was down by 15.8% YoY during the same period.
  • The bank's operating profit increased by 48.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.4% in 1QFY21 as against 28.9% in 1QFY20.
  • Other income increased by 56.2% YoY during the quarter.
  • Net profit for the quarter increased by 115.2% YoY. Net profit margins during the quarter increased from -16.3% in 1QFY20 to 2.4% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 3.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 7.8% QoQ during the same period.
  • The bank's operating profit increased by 4.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.4% in 1QFY21 as against 39.5% in 4QFY20.
  • Net profit for the quarter increased by 30.8% QoQ, while net profit margins increased from 1.8% in 4QFY20 to 2.4% in 1QFY21.

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

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IDFC FIRST BANK Share Price Performance

Over the last one year,IDFC FIRST BANK share price has moved down from Rs 43.3 to Rs 32.2, registering a Loss of Rs 11.1 or around 25.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 26,409.7 (up 0.7%). Over the last one year it has moved down from 31,530.0 to 26,409.7, a gain of 5,120 points (down 16.2%).

Overall, the S&P BSE SENSEX is up 3.7% over the year.

Current Valuations

At the current price of Rs 32.2, the price to book value (P/BV) ratio of IDFC FIRST BANK stands at 0.8 times.

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Nov 26, 2020 02:32 PM

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