IDFC First Bank Q3 Review - Improving Business But Asset Quality Weak: Prabhudas Lilladher
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Prabhudas Lilladher Report
IDFC First Bank Ltd.’s earnings performance of Rs 1.30 billion (our estimate Rs 1.52 billion) was a miss on high provisioning this quarter, mainly on the back of pro-forma non-performing assets and higher opex which was offset by higher other income.
Pro-forma NPAs came in high at 4.2% and in retail at 3.9% which were on the higher side, although bank holds a Rs 21.6 billion of Covid-19 provision and should see gradual reduction in NPAs on recovery/write-off.
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