IDFC First Bank share price: The shares of IDFC First Bank fell today (April 29) declining as much as 5.64% to ₹80.05 apiece on the BSE after the private lender announced its financial results for the fourth quarter of FY24.
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IDFC First Bank’s net profit declined by 10% to ₹724 crore from ₹803 crore in the year-ago quarter, it said as the provisions increased 50% from ₹482 crore in Q4FY23 to ₹722 crore in Q4FY24 while net Interest Income (NII) for the quarter grew 24% to ₹4,469 and core Pre-Provisioning Operating Profit (PPOP) for the quarter grew by 22% YoY to ₹1,632 crore.
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What Emkay noted on IDFC First Bank Q4 results?
Emkay Global Financial Services noted, “IDFC First Bank’s CET 1 ratio has slipped to 13.4% due to added risk weights on Cards/Personal Loan book and its higher growth rate, which we believe would call for capital raise in FY25. Factoring-in the relatively sticky operational cost and higher LLP, we cut FY25E and FY26E earnings 13% and 6%.”
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What Motilal Oswal said on IDFC First Bank?
Meanwhile, Motilal Oswal said IDFC First Bank delivered a mixed quarter and net interest margin contracted 7 bps QoQ owing to which the outlook remains broadly stable.
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The bank will deliver ~30% earnings CAGR over FY24-26, with RoA/RoE reaching to 1.3%/13.2% in FY26, it noted, reiterating its ‘neutral’ rating and raising the share price target to ₹88 per share.
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