Higher provisions dent earnings; cost ratios stay elevated

23 Jan 2024
5 Min read 
  • IDFC First Bank reported 3QFY24 PAT of INR7.2b, up 18.4% YoY but missed expectations.
  •  Higher provisions and operating expenses impacted earnings.
  •  NII grew 30.5% YoY, driven by loan growth and improved margins.
  •  Deposit growth was robust at 37% YoY, with CASA mix increasing to 46.8%.
  •  The bank expects to deliver a ~30% earnings CAGR over FY24-26.
  •  Maintain Neutral rating with a revised TP of INR85.
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