IDFC FIRST Bank Q2 FY20 Profit Before Tax at Rs. 100 crore;
Strong and sustained growth in CASA Deposit franchise, Retail loans
Highlights:
Profit Before Tax of Rs. 100 crore for the quarter ended September 30, 2019, as compared to a
Loss of Rs. 583 crore in the corresponding period last year and loss of Rs 963 crore last quarter
Bank decides to mark down Deferred Tax Assets as a result of reduction in Corporate Tax Rates
from 35% to 25%
Because of the DTA markdown, Net Loss (after tax) of Rs. 680 crore for the quarter, as a result
of one-time tax impact of Rs 751 crore due to markdown of existing Deferred Tax Assets
CASA Deposits posted strong growth rising 99% YoY and 30% sequentially to Rs. 12,473 crore as
of September 30, 2019
Retail CASA & Retail Term Deposits (which the bank calls Core Retail Deposits) as percentage of
the overall liability book increased sharply to 16.72% as compared to 8.04% as on December 31,
2018, at merger
Gross Loan Book stood at Rs. 1,07,656 crore
Total Retail Loans as a percentage of Total Loans increased to 45% post-merger from 13% as on
September 30, 2018 (pre-merger)
NIM for the quarter rose sharply to 3.43% from 3.01% in the previous quarter Q1 FY 20, and as
compared to 1.56% pre-merger.
Net worth of the Bank was strong at Rs. 16,866 crore
Tier 1 Capital Adequacy was strong at 14.51%. Total Capital adequacy is 14.65%
Total Balance Sheet size of the Bank was at Rs. 1,63,777 crore