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ICICI Direct Report
IDFC First Bank Ltd. reports disappointing Q1 performance with elevated provisions.
Net interest income growth as at 25% YoY to Rs 2,185 crore, mainly due to 42 basis points QoQ and 65 bps YoY improvement in net interest margins to 5.5%.
Improvement in net interest margin is primarily attributable to decline in cost of funds led by reduction in deposit rates.
Non-interest income came in at Rs 849 crore, led by a sequential increase in treasury income, though fee income remained healthy.
Provisions increased by three times from Rs 603 crore in Q4 FY21 to Rs 1879 crore, including additionally Covid-19 related provisions of Rs 350 crore during the quarter taking the tally to Rs 725 crore.
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