NewsEarningsIDFC First Bank Reports 32% Decline in Q1 Net Profit Due to Higher Provisions; Kotak Mahindra Bank and Whirlpool of India Results AwaitedIDFC First Bank Reports 32% Decline in Q1 Net Profit Due to Higher Provisions; Kotak Mahindra Bank and Whirlpool of India Results Awaited
By ScanX News Team
IDFC First Bank reported a 32% year-on-year decline in Q1 standalone net profit to Rs 463.00 crore, despite revenue growth. Provisions increased 67% to Rs 1,659.00 crore. Net interest income grew 5.1% to Rs 4,933.00 crore. Kotak Mahindra Bank is expected to post a net profit of Rs 3,497.00 crore and net interest income of Rs 7,391.00 crore. Whirlpool of India is estimated to report a net profit of Rs 137.00 crore and total revenue of Rs 2,529.00 crore.
*this image is generated using AI for illustrative purposes only.
IDFC First Bank , Kotak Mahindra Bank, and Whirlpool of India are in focus as their quarterly results are being released or anticipated. IDFC First Bank has reported its Q1 results, showing a decline in net profit despite revenue growth, while the market awaits the results from Kotak Mahindra Bank and Whirlpool of India.
IDFC First Bank: Q1 Results Show Mixed Performance
IDFC First Bank reported a standalone net profit of Rs 463.00 crore, declining 32% year-on-year due to increased provisions against bad loans. Key highlights include:
- Provisions and contingencies surged 67% to Rs 1,659.00 crore, primarily driven by slippages in the microfinance portfolio.
- The gross NPA ratio increased to 1.97% from 1.87% in the previous quarter, while net NPA rose to 0.55% from 0.53%.
- Net interest income grew 5.1% to Rs 4,933.00 crore, though net interest margin compressed to 5.71%.
- Total advances expanded 21% year-on-year, led by mortgage, vehicle, business banking, MSME and wholesale loans contributing 82% of growth.
- The microfinance portfolio contracted 37% year-on-year, reducing its share of the loan book to 3.3% from 6.3% previously.
- Wholesale lending grew 39% to Rs 49,279.00 crore, while deposits increased 26% to Rs 2.56 lakh crore.
Kotak Mahindra Bank: Anticipating Results
Kotak Mahindra Bank is expected to post strong results for the quarter:
- Net Profit: Rs 3,497.00 crore
- Net Interest Income: Rs 7,391.00 crore
- Net Interest Margin: 4.70%
This forecast suggests a potential rebound from the bank's previous quarter performance, which saw a 14% decline in net profit to Rs 3,552.00 crore, attributed to higher provisions for distressed microfinance loan books.
Whirlpool of India: Steady Performance Expected
Whirlpool of India is also slated to report its quarterly results. Analysts estimate:
- Net Profit: Rs 137.00 crore
- Total Revenue: Rs 2,529.00 crore
Comparative Analysis
To provide a clearer picture of the expected results for Kotak Mahindra Bank and the actual results for IDFC First Bank, here's a comparison:
| Metric | IDFC First Bank (Actual) | Kotak Mahindra Bank (Projected) |
|---|---|---|
| Net Profit (Rs crore) | 463.00 | 3,497.00 |
| Revenue/Net Interest Income (Rs crore) | 4,933.00 | 7,391.00 |
While IDFC First Bank's results show a year-over-year decline in net profit, Kotak Mahindra Bank is projected to report stronger profitability. However, it's important to note that these figures represent different metrics (net interest income for both banks) and should be interpreted in the context of each bank's overall performance and strategy.
Investors and market watchers will be keen to see if the projections for Kotak Mahindra Bank and Whirlpool of India materialize and how these companies have performed in the current economic environment. The actual results, when released, will provide more insights into their strategies and performance.
Historical Stock Returns for IDFC First Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.00% | -3.27% | -1.94% | +24.63% | -5.30% | +158.50% |
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