IDFC FIRST BANK Announces Quarterly Results (3QFY19); Net Profit Down 1152.6%

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IDFC FIRST BANK Announces Quarterly Results (3QFY19); Net Profit Down 1152.6%
Wed, 13 Feb

IDFC FIRST BANK has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

IDFC FIRST BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m22,83723,34236,64157.0%60.4%
Other incomeRs m2,3081,1933,043155.0%31.9%
Total revenuesRs m25,14524,53539,68461.7%57.8%
InterestRs m17,88818,82925,18933.8%40.8%
Gross Profit Rs m4,5434,51211,452153.8%152.1%
Other expensesRs m4,1105,51837,409577.9%810.1%
Profit before taxRs m2,061-5,827-25,039-1314.8%
TaxRs m600-2,130-9,659-1709.8%
Profit after taxRs m1,461-3,697-15,380-1152.6%
Gross profit margin %19.919.331.3
Effective tax rate%29.136.638.6
Net profit margin%6.4-15.8-42.0
* 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 60.4% on a year-on-year (YoY) basis. The interest expended was up by 40.8% YoY during the same period.
  • The bank's operating profit increased by 152.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.3% in 3QFY19 as against 19.9% in 3QFY18.
  • Other income increased by 31.9% YoY during the quarter.
  • Net profit for the quarter declined by 1152.6% YoY. Net profit margins during the quarter declined from 6.4% in 3QFY18 to -42.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 57.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 33.8% QoQ during the same period.
  • The bank's operating profit increased by 153.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.3% in 3QFY19 as against 19.3% in 2QFY18.
  • Net profit for the quarter declined by 316.0% QoQ, while net profit margins declined from -15.8% in 2QFY18 to -42.0% in 3QFY19.

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 53.8 to Rs 44.6, registering a Loss of Rs 9.2 or around 17.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,152.4 (down 0.0%). Over the last one year it has moved up from 29,080.0 to 30,152.4, a gain of 1,072 points (up 3.7%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 44.6, the price to book value (P/BV) ratio of IDFC FIRST BANK stands at 1.4 times.

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