IDFC First Bank Q3 Review - Relative High Slippage; Business Momentum On Track: ICICI Direct
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ICICI Direct Report
IDFC First Bank Ltd. posted decent Q3 FY21 results with improvement in operating parameters and sequential rise in loan growth.
On the asset quality front, there was little disappointment but long-term prospects remain intact.
Net interest income was up 13.7% YoY, 5.1% QoQ to Rs 1744 crore.
Net interest margins expanded QoQ by 8 basis points and 79 basis points YoY to 4.65% despite interest reversals due to non-performing assets, supported by sharp rise in current account savings account deposits.
Other income for the quarter jumped 31.1% YoY Rs 759 crore. Fee income increased 33% YoY to Rs 582 crore.
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