IDFC First Bank's Q2FY22 YoY net profit up 50%
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Private lender IDFC First Bank on Saturday reported a 50 per cent rise in its Q2FY22 net profit on a year-on-year basis.
As per the bank, its net profit during the period under review rose to Rs 152 crore from Rs 101 crore in Q2FY21.
Besides, the bank's net interest income grew by 27 per cent on a YoY basis to reach Rs 2,272 crore in Q2FY22.
The net interest margin increased to 5.76 per cent in Q2FY22 as compared to 4.91 per cent in Q2FY21.
Furthermore, the bank's GNPA and NNPA stood at 4.27 per cent and 2.09 per cent, respectively.
GNPA and NNPA reduced sequentially by 35 bps and 23 bps, respectively
IDFC First Bank Managing Director and CEO V. Vaidyanathan said: "We are seeing strong revival of the economy and strong demand for home loans, loan against property, MSME and consumer loans."
"The retail loan book is now highly diversified across over 10 lines of business and millions of customers. Further, the quality of the deposit franchise also improved significantly; our 'CASA Ratio' has sustained at upwards of 50 per cent even after reducing rates."
"As far as asset quality is concerned, we are confident that we will soon revert to the pre-Covid levels of Gross and Net NPA of 2 per cent and 1 per cent again in the retail business as seen from improvement in the input indicators such as cheque/ mandate bounce percentages, Collection efficiency and recoveries. Looking ahead, we are feeling quite confident."
