IDFC First Bank's Q1 profit jumps 132.4% to ₹1,075cr
What's the story
IDFC First Bank has announced its first-quarter financial results for FY27, ending June 30. The bank posted a record-high profit after tax (PAT) of ₹1,075 crore, a massive jump of 132.4% from the same period last year when it earned ₹463 crore. The bank's net interest income (NII) also witnessed a significant rise of over 21%, reaching ₹5,972.3 crore in Q1 FY27 compared to ₹4,933 crore in the same quarter last year.
Financial metrics
NIM improves to 5.96%
The bank's net interest margin (NIM) improved by 25 basis points to 5.96% in Q1 FY27 from 5.71% in the same period last year.
However, the lender did receive claims of ₹514.8 crore under the CGFMU scheme against its MFI portfolio during this period.
On the asset quality front, gross non-performing assets (NPAs) improved to 1.51% as of June-end from 1.97% a year earlier, an improvement of 45 basis points on a year-on-year basis and 10 basis points sequentially.
Growth indicators
CASA deposits surge by over 24%
Customer deposits rose by 16.6% year-on-year to ₹2.99 lakh crore as of June-end, up from ₹2.56 lakh crore a year ago.
The bank's CASA deposits also saw a major jump of over 24%, reaching ₹1.58 lakh crore at the end of Q1 FY27, compared to ₹1.27 lakh crore in the same quarter last year.
Loans and advances including credit substitutes surged by over 20% YoY to ₹3.05 lakh crore as of June-end from ₹2.53 lakh crore a year ago.