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IDFC FIRST Bank PAT Increases by 21 Percent YOY to Rs. 2,957 Crore for FY 24 | ||
Mumbai, Maharashtra, India Financial results at a glance: The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the audited financial results for the quarter and the year ended March 31, 2024.
Quarterly Profitability
Deposits & Borrowings
Loans and Advances
Assets Quality
Capital Position
Comments from Managing Director & CEO Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “It is my delight to share that we have crossed a landmark of Rs. 4,00,000 crore mark of Total Deposits and advances including credit substitutes at the Bank. What is more important for us is that the asset quality continues to be maintained at all-time best of GNPA and NNPA of 1.88% and 0.60% respectively, the lowest NPA in our history. All legacy infrastructure loans are fully factored into the above. Excluding infrastructure loans, the GNPA and NNPA is only 1.55% and 0.42% respectively. All asset quality parameters are stable.”
"The PAT grew 21% YoY to Rs. 2957 cr in FY 24. More important, the core PPOP (excluding trading gain) grew by 31% YOY for the year to cross Rs. 6,000 crores for the first time in our history. Such scale and strong profitability give us the strength to participate in the wonderful opportunities in Indian financial services. We look forward to the future with confidence and optimism.”
IDFC FIRST Bank is a new age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking. We are building a world class bank in India.
As part of the Bank’s ethical banking approach, it applies a "Near and Dear" Test to its products, so that the employees of the Bank serve only such products they'd want for their own loved ones. It believes income earned unethically is not worth earning.
Therefore, the Bank avoids complicated descriptions, calculations, and legalese that customers don’t understand. It abolished all charges on Savings Accounts including for Debit Cards, IMPS, RTGS, NEFT, Cash Deposit, “Non-Home branch” access, Cash withdrawals at ATMs and at branches, 3rd party transaction charges at branches, SMS Alert, Cheque book, Demand Drafts, Pay-order, duplicate statement, and all such services that are usually charged in the market. It follows the principle that it won’t touch its customers’ bank account for one reason or other. It is the first and only bank in India till date to do so.
IDFC FIRST Bank is the first bank in India to offer monthly credit on savings accounts. The credit cards have no hidden charges. It offers Lifetime Free without minimum spend conditions, never-expiring rewards points, zero interest on cash withdrawal at ATMs, dynamic low APR and much more. Fees if any are transparent and described neatly in a manner a common person can understand. Every product offered by the bank is highly customer friendly, most often the best in the industry.
As part of the Social Banking theme, the Bank’s business model is naturally geared to social banking. It has developed unique capabilities for financing bottom of pyramid customers with consistently high asset quality. The Bank has financed over 40 million customers including 0.3 million SMEs, 0.9 million livelihood (cattle loans), 16 million lifestyle improvement loans (for laptops, washing machine, etc.), 1 million sanitation loans (toilets, water fittings), 6.5 million mobility loans (2-wheelers and cars), and home financing (over 100,000
homes), and 15 million loans to 4.3 million women-entrepreneurs. It also offers other retail and rural loans such as Kisan Credit Cards, harvest financing, gold loans etc.
IDFC FIRST Bank is a Universal Bank, and offers end to end Corporate Banking, Trade Finance such as issuance of LCs & BGs, SBLC, Packing Credit, Pre-shipment and Post-shipment Finance, Treasury products including risk hedging solutions like Forwards, Swaps, Options, and other Forex Solutions, SME Banking, Wealth Management, NRI banking, Cash Management, Nostro & Vostro account operations, Escrow facilities, Correspondent Banking, Fastag, Toll-acquiring, Dealer Finance and Purchase/Sales Invoice discounting.
Cautionary Statement, “Statements made in this release may contain certain forward-looking statements based on various assumptions on the Bank’s present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risk and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and abroad, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the Bank’s businesses as well as the ability to implement its strategies. The information contained herein is as of the date referenced and the Bank does not undertake any obligation to update these statements. The Bank has obtained all market data and other information from sources believed to be reliable or its internal estimates, although its accuracy or completeness cannot be guaranteed.” |
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