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IDFC has recorded strong 29% growth in income from from operation at Rs 2217.51 crore for the quarter ended March 2013. Interest expenses increased 21% to Rs 1204.33 crore, while the other expenses rose 5% to Rs 147.33 crore, leading the operating profits to increase 48% to Rs 866.75 crore. Provisions and contingencies nearly doubled to Rs 164.72 crore, while depreciation declined 11% to Rs 8.61 crore in the quarter ended March 2013. As a result, the PBT moved up 41% to Rs 693.42 crore. Tax provisions were up 4% to Rs 164.57 crore. The final PAT advanced 57% to Rs 525.7 crore for quarter ended March 2013.
Net Interest Income (NII) increased 10% YoY to Rs 643 crore in Q4FY2013. NII from loans increased 12% to Rs 603 crore, but the NII from treasury operations declined 11% to Rs 40 crore in the quarter ended March 2013.
Non Interest Income zoomed 171% YoY to Rs 363 crore in Q4FY2013, as the income from principal investments witnessed multi-fold increase to Rs 129 crore in Q4FY2013 from Rs 29 crore in Q4FY2012. The asset management fees increased 48% to Rs 89 crore in Q4FY2013, driven 114% jump in mutual fund income to Rs 60 crore, while the loan related fees moved up 66% to Rs 57 crore. Further, the fixed income increased eight-fold to Rs 57 crore and investment banking and broking fees galloped four-fold to Rs 39 crore in Q4FY2013 over Q4FY2012.
Asset Quality
The asset quality improved on YoY as well as QoQ basis in the quarter ended March 2013. GNPA has declined 43% YoY and 40% QoQ to Rs 85.12 crore at end March 2013. NNPA also 60% YoY and 56% QoQ to Rs 28.9 crore at end March 2013.
%GNPA declined 11 bps QoQ and 15 bps YoY to 0.15% at end March 2013. Meanwhile, the %NNPA eased 07 basis point QoQ and 10 bps YoY to 0.05% at end March 2013.
Capital Adequacy Ratio improved to 22.1% at end March 2013 compared 20.8% at year ago, while eased from 22.5% a quarter ago.
Annual Financial Year Performance
Total Income grew 28% YoY to Rs 8138.6 crore in the year ended March 2013. Interest expenses increased 35% to Rs 4675.8 crore and the other expenses rose 2% to Rs 495.0 crore as the employee cost declined 4% to Rs 291.64 crore in FY2013. Operating profits increased 19% to Rs 2977.59 crore in FY2013. Provisions and contingencies increased 23% to Rs 349.63 crore. Depreciation fell 11% to Rs 34.4crore. PBT, as a result, increased 19% to Rs 2593.56 crore. Tax Provisions increased 21% YoY to Rs 751.13 crore in FY2013. Finally, the PAT grew by 18% to Rs 1836.20 crore in FY2013 over FY2012.
Net Interest Income (NII) grew 22% to Rs 2564 crore. NII from loans increased 26% to Rs 2365 crore, while NII from treasury operations declined 8% to Rs 199 crore in the year ended March 2013.
Non-Interest Income rose 3% to Rs 883 crore, as the income from principal investments fell 47% to Rs 187 crore. Fees from IDFC's asset management business rose 10% to Rs 309 crore in FY2013. Income from Investment banking and broking increased 44% to Rs 78 crore. Loan related fees and fixed income increased 52% to Rs 189 crore and 129% to Rs 119 crore in FY2013.
Performance Highlights- H1FY'13
- The balance sheet grew by 16% from Rs 61003 crore at end March 2012 to Rs 71059 crore at end March2013.
- Gross Loan book increased by 16% from Rs 48887 crore at end March 2012 to Rs 56595 crore at end March 2013.
- Gross Approvals fell by 17% from Rs 31868 crore in FY2012 to Rs 26576 crore in FY2013.
- Gross Disbursements declined by 4% from Rs 18404 crore in FY2012 to Rs 17695 crore in FY2013.
- Cumulative Outstanding Approvals was Rs 72597 crore at end March 2013.
Book value of the company stood at Rs 90.4 per share at end March 2013 up from Rs 81.1 per share at end March 2012.
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