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ICICI Direct Report
IDFC First Bank Ltd. posted decent results for Q2 FY21 with improvement in some operating parameters.
Overall loan growth remained flattish owing to rebalancing of the portfolio but long term prospects remain intact.
Net interest income increased 21.8% YoY, 2.1% QoQ to Rs 1660 crore on account of expansion in net interest margin, which increased 4 basis points QoQ, 114 basis points YoY to 4.57%.
Other income declined 51.7% YoY. This de-growth can be attributed to 19% drop in fee income due to lower loan origination as a result of low business activity due to pandemic.
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