IDFC First Bank Q3 Review - Strong Growth, Encouraging Guidance: ICICI Direct

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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. .Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

IDFC First Bank Q3 Review - Strong Growth, Encouraging Guidance: ICICI Direct