IDFC First in the limelight

After two days of continuous fall, IDFC First Bank opened 2.3% higher, going on to hit an intraday high at Rs.41.75, a rise of 10%. The stock has outperformed the index by almost 8%.

On account of a one-time impact on deferred tax asset markdown of Rs.715 crore, the Bank posted a net loss of Rs.680 crore v/s loss of R.617 crore (YoY). But the market is looking more at the PBT, which came came in at Rs.100 crore v/s loss of Rs.583 crore.

This Bank, which was created by merging IDFC Bank and Capital First, poste a NII at Rs.1363 crore, a jump of 202% from pre-merger NII of Rs.451 crore.. Sequentially, it was up 16%.

Gross NPA was at 2.62% v/s 2.66% (QoQ) and Net NPA was at 1.17% v/s 1.35%.