IDFC FIRST BANK Announces Quarterly Results (2QFY20); Net Profit Down 83.8%

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IDFC FIRST BANK Announces Quarterly Results (2QFY20); Net Profit Down 83.8%
Fri, 1 Nov

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

IDFC FIRST BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m23,34237,93140,1825.9%72.1%
Other incomeRs m1,1933,1053,49012.4%192.5%
Total revenuesRs m24,53541,03643,6716.4%78.0%
InterestRs m18,82926,18726,5511.4%41.0%
Gross Profit Rs m4,51210,96512,89717.6%185.8%
Other expensesRs m5,51811,67212,94510.9%134.6%
Profit before taxRs m-5,827-9,6301,002
TaxRs m-2,130-3,4577,797
Profit after taxRs m-3,697-6,174-6,795
Gross profit margin %19.328.932.1
Effective tax rate%36.635.9778.4
Net profit margin%-15.8-16.3-16.9
* 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 72.1% on a year-on-year (YoY) basis. The interest expended was up by 41.0% YoY during the same period.
  • The bank's operating profit increased by 185.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.1% in 2QFY20 as against 19.3% in 2QFY19.
  • Other income increased by 192.5% YoY during the quarter.
  • Net profit for the quarter declined by 83.8% YoY. Net profit margins during the quarter declined from -15.8% in 2QFY19 to -16.9% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 5.9% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.4% QoQ during the same period.
  • The bank's operating profit increased by 17.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.1% in 2QFY20 as against 28.9% in 1QFY19.
  • Net profit for the quarter declined by 10.1% QoQ, while net profit margins declined from -16.3% in 1QFY19 to -16.9% in 2QFY20.

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

BREAKING NEWS: Massive Opportunity Triggered as Investing Legends Quit
IDFC FIRST BANK Share Price Performance

Over the last one year,IDFC FIRST BANK share price has moved up from Rs 35.2 to Rs 44.9, registering a Gain of Rs 9.7 or around 27.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,150.3 (up 0.7%). Over the last one year it has moved up from 28,611.2 to 34,150.3, a gain of 5,539 points (up 19.4%).

Overall, the S&P BSE SENSEX is up 16.6% over the year.

Current Valuations

At the current price of Rs 44.9, the price to book value (P/BV) ratio of IDFC FIRST BANK stands at 1.2 times.

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