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ICICI Direct Report
IDFC First Bank Ltd. posted decent results with healthy business traction and stable asset quality.
The bank is well on course to achieve its long term objectives of improving retail mix, improving net interest margins and granularity on liability side.
Net interest income was up 15.3% YoY to Rs 1960 crore despite Rs 55 crore worth interest on interest reversals.
Net interest margins were up 4 basis points QoQ to 5.09%.
The bank has reduced savings interest rate to 4% for deposits below Rs 1 lakh and peak rates of 5%, which should keep funding cost benign and, thus, aid margins.
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