The standalone core operating profit grew 38% YOY from Rs 1,052 crore in Q2FY23 to Rs 1,456 crore for Q2FY24. The net interest income (NII) grew 32% YoY from Rs 3,002 crore in Q2FY23 to Rs 3,950 crore in Q2FY24.

The net interest margin was 6.32% in Q2FY24 as compared to 5.83% in Q2FY23 and 6.33% in Q1FY24.
The fee and other income grew by 46% YoY from Rs 945 crore in Q2FY23 to Rs 1,376 crore in Q2FY24. The retail fees constitute 93% of the overall fees for the quarter Q2FY24.

The consolidated net profit was up over 2% quarter on quarter. The private lender had reported a profit after tax (PAT) of Rs 731.51 crore in the June ended quarter.

On a consolidated basis, PAT stood at Rs 746.85 crore for the quarter ended September 30 which was up 31.6% YoY versus Rs 567.19 crore reported by the company in the corresponding quarter of the previous financial year. The total consolidated income for the reporting quarter stood at Rs 8,765.81 crore which was up 34.2% YoY as against Rs 6,531.16 crore reported by the company in the year-ago period. In the June ended quarter the bank had reported the total revenue at Rs 8,232.47 crore.

The interest earned by IDFC First Bank during the quarter under review stood at Rs 7,356.27 crore, which was up over 34% YoY from 5,469.76 crore in the year-ago period. In June ended quarter, the interest earned by the company stood at Rs 6,868.86 crore.

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The Reserve Bank of India (RBI) on Thursday went against majority expectations and kept repo rate unchanged at 5.15 per cent in its fifth bi-monthly policy review of the year.

A large number of economists exuded confidence that RBI’s six-member Monetary Policy Committee (MPC) would lower the key interest rate once again as growth in the second quarter reached a six-year low of 4.5 per cent.

However, the central bank already cut repo rate — at which banks lend from the RBI — five times since January without any improvement in growth.

All six members of the RBI’s MPC voted against the cut but maintained an accommodative stance, allowing it to act whenever necessary.

In what seems to be another setback, the central bank also lowered its GDP growth forecast for the entire year to 5 per cent from 6.1 per cent.

In a statement released after the announcement, RBI said, “GDP growth for Q2 turned out to be significantly lower than projected. Various high-frequency indicators suggest that domestic and external demand conditions have remained weak. Based on the early results, the business expectations index of the Reserve Bank’s industrial outlook survey indicates a marginal pickup in business sentiments in Q4.”

RBI also added that overall sentiments are muted in several key sectors including manufacturing and construction. It expressed concern over contraction in the output of eight core industries as well.

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