IDFC First Bank shares gain 4% in Muhurat trade after earnings beat estimates

Pre-provision operating profit for the quarter increased by 69 percent to Rs 1,168.7 crore and other income (non-interest income) rose by 36 percent to Rs 1,061.3 crore compared to corresponding period last fiscal.

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IDFC First Bank shares rallied nearly 4 percent intraday on October 24, the Muhurat trading session, after the quarterly earnings came in better than analysts’ expectations.

The stock ended at Rs 58.45 per share on the BSE, up 2.01 percent with volumes of 28.09 lakh shares.

The private bank clocked nearly 4-fold jump in standalone profit at Rs 555.5 crore for the quarter ended September FY23, compared to Rs 151.7 crore in year-ago period, driven by healthy operating performance and higher other income.

Net interest income, the difference between interest earned and interest expended, grew by 32.1 percent year-on-year to Rs 3,002.2 crore for the quarter, with net interest margin improving by 15 bps YoY at 5.98 percent for the quarter.

Numbers were ahead of analysts’ estimates. Profit was estimated at Rs 499.4 crore and net interest income at Rs 2,910.3 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Pre-provision operating profit for the quarter increased by 69 percent to Rs 1,168.7 crore and other income (non-interest income) rose by 36 percent to Rs 1,061.3 crore, compared to corresponding period last fiscal.

Provisions and contingencies at Rs 424.2 crore for the quarter increased by 38 percent sequentially, but fell 11 percent YoY.

The credit cost (quarterly annualized) as percentage of average funded assets for Q2FY23 was 1.2 percent.

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IDFC First Bank said it was well on track to meet the asset quality and credit cost guidance. Based on its improved portfolio performance indicators, it is confident to achieve its FY23 credit cost guidance at lower than 1.5 percent of the total average funded assets.

On the asset quality front, gross non-performing assets as a percentage of gross advances rising 92 bps sequentially to 3.18 percent for the quarter, and the net NPA fell 21 bps QoQ to 1.09 percent during the quarter.

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