IDFC FIRST Bank’s Q1 FY24 Results: CEO Interview Highlights
IDFC FIRST Bank
CEO’s Perspective
“We don’t want to hit any sixes and fours. If we take the singles and twos and stay at the pitch for long, you can accumulate a lot of runs on this pitch.”
IDFC FIRST Bank
Solid Financial Performance
IDFC FIRST Bank posted a 61% rise in net profit in Q1FY24 on the back of 36% net interest income growth. Loan book & deposits grew 25% & 44% respectively y-o-y.
IDFC FIRST Bank
“The result of today’s work is a continuation of our past work. We have been building up our franchise, and now the momentum of earnings are building up.”
IDFC FIRST Bank
Outlook for the future
1. “In the long run, our focus is very simple: grow deposits more than loans, and in a steady manner.”
IDFC FIRST Bank
2. “Credit quality should never be compromised”
IDFC FIRST Bank
3. “Our credit cost should be low, which is the case right now.”
IDFC FIRST Bank
4. “The Special Mention Accounts (SMA) that feeds into the NPA should be very low. Our SMA is 0.85 per cent right now.”