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ICICI Securities’s research report on IDFC FIRST Bank
IDFC First Bank (IDFCFB) has reported in line Q4FY24 PAT of INR 7.2bn (up 1% QoQ and down 10% YoY) with improvement in slippage and gross NPA. NII growth remains strong at 24% YoY though elevated opex (up 29% YoY) led to an increase in cost to income (C/I) ratio YoY. Gross advances growth (up 6% QoQ) was strong with deposits growth (up 10% QoQ) continuing to surprise positively. The bank expects C/I to be broadly stable in H1FY25 and see material improvement…
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