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ICICI Direct Report
IDFC First Bank Ltd.'s net interest income up 36% YoY and 13.5% QoQ to Rs 2580 crore, driven by 14 basis points QoQ expansion in net interest margin at 5.9%.
Net interest margin excludes benefit of interest recognised on a telecom account. Including the same, net interest margin would have been higher by 28 bps at 6.18%.
Other income was down 1.4% QoQ mainly due to lower treasury gains but fee income growth was healthy at 13% QoQ and 28% YoY.
Operating expenses growth was higher with loan origination cost and digital transaction cost. Cost-income ratio thus remained steady at 77% QoQ.
Provisions were down 17% QoQ at Rs 393 crore. IDFC First Bank received Rs 2000 crore bond redemption from one large telecom account and thus released provisions worth Rs 487 crore.
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