After Q1FY24 results, Street positive on IDFC First Bank's growth strategy

Provisions were flat sequentially (up 55 per cent YoY) at Rs 480 crore and net profit was at Rs 770 crore (up 61 per cent YoY and down 5 per cent QoQ)

IDFC First Bank delivered good results in the first quarter of this financial year (Q1FY24), but some analysts are concerned the bank is fully-valued. 

So, there has been profit-booking after a price rise. Growth went side-by-side with a focus on cutting interest costs and exposure to high non-performing infrastructure loans.

The mortgage book is 28 per cent, of which 24 per cent is home loans and loans against property.

In total, loans saw a growth of 25 per cent year-on-year (Y-o-Y) and 7 per cent quarter-on-quarter (Q-o-Q), to Rs 171,600 crore. It was driven by growth in consumer finance of