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IDFC delivered net interest income growth largely in line with estimates in 1QFY12. The reported
spreads, on a 12-month rolling basis, remained largely stable qoq at 2.2%. However, most of the
non-interest and fee-based revenue streams fell on a yoy basis. Approvals and disbursements
declined steeply; the loan book was flat qoq.
Lending business: stable spreads qoq
Net interest income (NII) on infrastructure assets increased 41% yoy to Rs4.3bn in 1QFY12 (flat
qoq), while NII on treasury operations rose 67% yoy (+6% qoq) to around Rs0.6bn.
On a rolling 12-month basis, net interest margins (NIMs) in the infrastructure lending business
improved 20bp yoy to 3.5% in 1QFY12 (flat qoq), while margins in the treasury business
improved 10bp yoy to 40ppt (+10bp qoq).
Overall reported spreads fell 50bp yoy to 2.2% in 1QFY12 (flat qoq) on a rolling 12-month
basis. However, reported overall NIMs rose 20bp yoy to 3.9% (+10bp qoq).
Operating expenses declined 8% yoy in 1QFY12. The operating costs to income ratio was
about 19% in 1QFY12 compared to about 20% in 1QFY10.
Fee-based revenue streams fall yoy
Total fee income declined 23% yoy to Rs1.1bn in 1QFY12 (-27% qoq). Of this, income from
asset management (mutual funds / alternatives) fell 4.6% yoy to Rs620m (-30% qoq). Loanrelated
fee income was down about 30% yoy to Rs310m, in line with the moderation in asset
growth. Income from investment banking and broking declined 50% yoy to Rs190m (-47%
yoy).
The company booked Rs20m loss on sale of investments in 1QFY12 compared to a Rs290m
gain in 4QFY11 (7% of PBT) and Rs1.2bn gain in 1QFY11 (27% of PBT).
Approvals and disbursements decline steeply; loans flat qoq
Loans grew 30% yoy (flat qoq) in 1QFY12. However, gross approvals and disbursements
declined over 50% yoy.
Of the outstanding exposure as of June 2011, energy accounted for 44%, transportation 24%,
telecom 21% and the rest is other sectors.
Asset quality remains stable (0.2% gross NPLs and 0.1% net NPLs as of June 2011).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
IDFC delivered net interest income growth largely in line with estimates in 1QFY12. The reported
spreads, on a 12-month rolling basis, remained largely stable qoq at 2.2%. However, most of the
non-interest and fee-based revenue streams fell on a yoy basis. Approvals and disbursements
declined steeply; the loan book was flat qoq.
Lending business: stable spreads qoq
Net interest income (NII) on infrastructure assets increased 41% yoy to Rs4.3bn in 1QFY12 (flat
qoq), while NII on treasury operations rose 67% yoy (+6% qoq) to around Rs0.6bn.
On a rolling 12-month basis, net interest margins (NIMs) in the infrastructure lending business
improved 20bp yoy to 3.5% in 1QFY12 (flat qoq), while margins in the treasury business
improved 10bp yoy to 40ppt (+10bp qoq).
Overall reported spreads fell 50bp yoy to 2.2% in 1QFY12 (flat qoq) on a rolling 12-month
basis. However, reported overall NIMs rose 20bp yoy to 3.9% (+10bp qoq).
Operating expenses declined 8% yoy in 1QFY12. The operating costs to income ratio was
about 19% in 1QFY12 compared to about 20% in 1QFY10.
Fee-based revenue streams fall yoy
Total fee income declined 23% yoy to Rs1.1bn in 1QFY12 (-27% qoq). Of this, income from
asset management (mutual funds / alternatives) fell 4.6% yoy to Rs620m (-30% qoq). Loanrelated
fee income was down about 30% yoy to Rs310m, in line with the moderation in asset
growth. Income from investment banking and broking declined 50% yoy to Rs190m (-47%
yoy).
The company booked Rs20m loss on sale of investments in 1QFY12 compared to a Rs290m
gain in 4QFY11 (7% of PBT) and Rs1.2bn gain in 1QFY11 (27% of PBT).
Approvals and disbursements decline steeply; loans flat qoq
Loans grew 30% yoy (flat qoq) in 1QFY12. However, gross approvals and disbursements
declined over 50% yoy.
Of the outstanding exposure as of June 2011, energy accounted for 44%, transportation 24%,
telecom 21% and the rest is other sectors.
Asset quality remains stable (0.2% gross NPLs and 0.1% net NPLs as of June 2011).
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