PPoP inline; elevated provisioning drags earnings

Company
28 Oct 2024
5 Min read 
  • IDFC First Bank's 2QFY25 PAT: INR2b, 73% YoY decline.
  •  NII: 21% YoY growth to INR47.9b, margin 6.18%.
  •  Opex: 17.7% YoY growth to INR45.5b, as expected.
  •  Credit cost guidance: raised to 2.2 2.25%.
  •  Reiterate Neutral, revised TP of INR73 premised on 1.4x FY26E ABV.
  •  Total assets consistently growing, asset quality fluctuating.
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