IDFC FIRST BANK Announces Quarterly Results (3QFY20); Net Profit Down 6.6%

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IDFC FIRST BANK Announces Quarterly Results (3QFY20); Net Profit Down 6.6%
Fri, 31 Jan

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

IDFC FIRST BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m36,64140,18241,0022.0%11.9%
Other incomeRs m3,0433,4905,79065.9%90.3%
Total revenuesRs m39,68443,67146,7917.1%17.9%
InterestRs m25,18926,55125,659-3.4%1.9%
Gross Profit Rs m11,45212,89714,55112.8%27.1%
Other expensesRs m37,40912,94514,31510.6%-61.7%
Profit before taxRs m-25,0391,002-16,230-1720.3%
TaxRs m-9,6597,797158-98.0%
Profit after taxRs m-15,380-6,795-16,388
Gross profit margin %31.332.135.5
Effective tax rate%38.6778.4-1.0
Net profit margin%-42.0-16.9-40.0
* 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 11.9% on a year-on-year (YoY) basis. The interest expended was up by 1.9% YoY during the same period.
  • The bank's operating profit increased by 27.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 35.5% in 3QFY20 as against 31.3% in 3QFY19.
  • Other income increased by 90.3% YoY during the quarter.
  • Net profit for the quarter declined by 6.6% YoY. Net profit margins during the quarter increased from -42.0% in 3QFY19 to -40.0% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.0% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.4% QoQ during the same period.
  • The bank's operating profit increased by 12.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 35.5% in 3QFY20 as against 32.1% in 2QFY19.
  • Net profit for the quarter declined by 141.2% QoQ, while net profit margins declined from -16.9% in 2QFY19 to -40.0% in 3QFY20.

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 45.3 to Rs 40.8, registering a Loss of Rs 4.5 or around 9.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,358.3 (up 0.9%). Over the last one year it has moved up from 30,731.4 to 35,358.3, a gain of 4,627 points (up 15.1%).

Overall, the S&P BSE SENSEX is up 15.0% over the year.

Current Valuations

At the current price of Rs 40.8, the price to book value (P/BV) ratio of IDFC FIRST BANK stands at 1.1 times.

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