IDFC FIRST Bank PAT Increases by 21 Percent YOY to Rs. 2,957 Crore for FY 24

Financial results at a glance: The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the audited financial results for the quarter and the year ended March 31, 2024.


Yearly Profitability

Net Profit grew 21% YOY from Rs. 2,437 crore in FY23 to Rs. 2,957 crore in FY24. Excluding trading gains from both the years, the growth in PAT was at 28% YOY.

Core Pre-Provisioning Operating Profit (PPOP excluding trading gains) grew by 31% YOY from Rs. 4,607 crore in FY23 to Rs. 6,030 crore for FY24.

Net Interest Income (NII) grew 30% YOY from Rs. 12,635 crore in FY23 to Rs. 16,451 crore in FY24.

Net Interest Margin increased from 6.05% in FY23 to 6.36% in FY24, based on AUM.

Fee and Other Income grew by 40% YOY from Rs. 4,142 crore in FY23 to Rs. 5,795 crore in FY24.

Retail fees constitute 93% of the overall fees for FY24.

Core Operating income grew 33% from Rs. 16,777 crore in FY23 to Rs. 22,245 crore in FY24.

Operating Expense grew by 33% YOY from Rs. 12,170 crore in FY23 to Rs. 16,216 crore in FY24.

Provisions increased 43% YOY from Rs. 1,665 crore in FY23 to Rs. 2,382 crore in FY24.

The credit cost as % of average funded assets for FY24 was 1.32%.

RoA stood at 1.10% for FY24; RoE stood at 10.30% for FY24.

Quarterly Profitability

Net Profit for Q4 FY24 stood at Rs. 724 crore as compared Rs. 803 crore in Q4 FY23. The PAT for Q4 FY 23 was Rs. 701 crore excluding one-time items already called out in Q4 FY23.

Net Interest Income (NII) grew 24% from Rs. 3,597 crore in Q4 FY23 to Rs. 4,469 crore in Q4 FY24.

Fee and Other Income grew 36% from Rs. 1,181 crore in Q4 FY23 to Rs. 1,610 crore in Q4 FY24.

Operating Expenses grew 29% from Rs. 3,436 crore in Q4 FY23 to Rs. 4,447 crore in Q4 FY24.

Core PPOP (Pre-Provisioning Operating Profit excluding trading gain) for the quarter grew by 22%

from Rs. 1,342 crore in Q4 FY23 to Rs. 1,632 crore in Q4 FY24.

Provisions increased 50% from Rs. 482 crore in Q4 FY23 to Rs. 722 crore in Q4 FY24.

Deposits & Borrowings

Total Deposits (including Certificate of Deposits) of the Bank increased by 38.7% YOY from Rs. 1,44,637 crore as of March 31, 2023 to Rs. 2,00,576 crore as of March 31, 2024.

Customer Deposits increased by 41.6% YOY from Rs. 1,36,812 crore as of March 31, 2023 to Rs. 1,93,753 crore as of March 31, 2024.

CASA Deposits grew by 31.7% YOY from Rs. 71,983 crore as of March 31, 2023 to Rs. 94,768 crore

as of March 31, 2024.

CASA Ratio stood at 47.2% as of March 31, 2024.

Retail Deposits grew by 45.7% YOY from Rs. 1,03,870 crore as of March 31, 2023 to Rs. 1,51,343

crore as of March 31, 2024.

Retail Deposits as a % of total customer deposits increased from 75.9% as of March 31 2023 to 78.1%

as of March 31, 2024.

Legacy High-Cost Borrowings reduced from Rs. 17,673 crore as of March 31, 2023 to Rs. 11,809 crore

as of March 31, 2024.

The Bank opened 135 new branches during FY24 to reach branch count of 944 by March 31, 2024.

Loans and Advances

Loans and Advances (including credit substitutes) increased by 25.1% YOY from Rs. 1,60,599 crore

as of March 31, 2023 to Rs. 2,00,965 crores as of March 31, 2024.

Infrastructure Project finance now constitutes only 1.4% of total funded assets as of March 31, 2024.

Exposure to top 20 single borrowers improved from 7.0% as of March 31, 2023, to 5.7% as of March 31, 2024.

The incremental Credit to Deposit ratio for FY24 was 76.2%.

Total Credit to Deposit Ratio improved from 107.0% as of March 31, 2023 to 98.4% as of March 31, 2024.

Assets Quality

Gross NPA improved 63 bps from 2.51% as of March 31, 2023 to 1.88% of March 31, 2024, improved by 16 bps on QOQ basis.

Net NPA improved 26 bps from 0.86% as of March 31, 2023 to 0.60% of March 31, 2024, and improved by 8 bps on QOQ basis.

GNPA of Retail, Rural and SME Finance has improved by 27 bps from 1.65% as of March 31, 2023 to

1.38% as of March 31, 2024, and improved by 7 bps on QOQ basis.

NNPA of Retail, Rural and SME Finance has improved by 11 bps from 0.55% as of March 31, 2023 to

0.44% as of March 31, 2024, improved by 7 bps on QOQ basis.

Excluding infrastructure financing, which is in run down mode, the GNPA and NNPA of the Bank is

1.55% and 0.42% respectively as of March 31, 2024.

SMA-1 & 2 (31-90 DPD which is the pre-NPA stage) in Retail, Rural and SME Finance portfolio is low at 0.85% as of March 31, 2024 (reduced from 0.87% as of March 31, 2023).

Provision Coverage Ratio (including technical write-off) has increased from 80.29% as of March 31, 2023, to 86.58% as of March 31, 2024.

Net Stressed Assets (including Net NPA, Net Security Receipts and Net Restructured Assets) as % of total Assets improved from 0.84% as of March 31, 2023 to 0.56% as of March 31, 2024.

Capital Position
Capital Adequacy of the Bank stood at 16.11% with CET-1 Ratio at 13.36% as on March 31, 2024.

Comments from Managing Director & CEO Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "It is my delight to share that we have crossed a landmark of Rs. 4,00,000 crore mark of Total Deposits and advances including credit substitutes at the Bank. What is more important for us is that the asset quality continues to be maintained at all-time best of GNPA and NNPA of 1.88% and 0.60% respectively, the lowest NPA in our history. All legacy infrastructure loans are fully factored into the above. Excluding infrastructure loans, the GNPA and NNPA is only 1.55% and 0.42% respectively. All asset quality parameters are stable."


Our deposit raising franchise is our biggest strength. Our CASA ratio continues to be among the best in the industry at around 47%. Our Incremental Credit to Deposit ratio for FY 24 was low at 76%. The CD ratio has come down to 98.4%, i.e. below 100% for the first time and we expect to further reduce this into FY 25.

"The PAT grew 21% YoY to Rs. 2957 cr in FY 24. More important, the core PPOP (excluding trading gain) grew by 31% YOY for the year to cross Rs. 6,000 crores for the first time in our history. Such scale and strong profitability give us the strength to participate in the wonderful opportunities in Indian financial services. We look forward to the future with confidence and optimism."


About IDFC FIRST Bank

IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.

As part of the Bank's ethical banking approach, it applies a "Near and Dear" Test to its products, so that the employees of the Bank serve only such products theyd want for their own loved ones. It believes income earned unethically is not worth earning.

Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don't understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, "Non-Home branch" access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won't touch its customers' bank account for one reason or other. It is the first and only bank in India till date to do so.

IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.


As part of technology led banking, the Bank has built a modern technology stack and has built an advanced mobile app with 250+ features such as Goal based investing, MF investment assistance, electric-speed payments, Account Aggregator, MF Aggregator, Personal Finance Manager, Auto categorisation of spends, single app for personal and business banking, UPI on Credit Cards, travel and shop, bill and recharges, deals and reward redemptions, which offer great convenience to the customers. For business customers the Bank offers on-the-go bulk payments, ability to pay income tax, GST, customs duty, and connected banking with ERP solutions.

As part of the Social Banking theme, the Bank's business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000

homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.

IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.


ESG Goals: The Bank is incorporating ESG in every aspect of working and has high ESG scores. The Bank believes that to get an opportunity to create a new age, ethical and world class Bank for India is a great privilege for its employees.

Cautionary Statement, "Statements made in this release may contain certain forward-looking statements based on various assumptions on the Bank's present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risk and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and abroad, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the Bank's businesses as well as the ability to implement its strategies. The information contained herein is as of the date referenced and the Bank does not undertake any obligation to update these statements. The Bank has obtained all market data and other information from sources believed to be reliable or its internal estimates, although its accuracy or completeness cannot be guaranteed."



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