Monday, October 2, 2023

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IDFC First Bank Posts 134 Per Cent Jump In Net Profit

Mumbai (Maharashtra) [India]: IDFC First Bank has posted a huge surge in its standalone net profit at Rs 803 crore for the quarter ended March 2023, against Rs 343 crore in the year-ago period.

Net profit jumped 32.7 per cent on a quarterly basis, according to a statement shared with stock exchanges on Saturday evening. V Vaidyanathan, managing director and chief executive officer, IDFC FIRST Bank, said, “We have built a strong foundation for the bank with diversified customer deposits and diversified loan book. We have registered our highest-ever quarterly profit.”

The lender said net interest income grew 35 per cent year-on-year to Rs 3,597 crore in the reviewed quarter from Rs 2,669 crore in the year-ago period. Its core operating profit grew by 61 per cent to Rs 1,342 crore, the lender said.

According to the statement, return on assets (ROA) improved to 1.13 per cent during the reviewed quarter from 0.08 per cent in the year-ago period. ROE (return on equity) improved to 10.95 per cent from 0.75 per cent in FY22.

Gross non-performing assets (NPA) ratio of the lender fell to 2.51 per cent from 2.96 per cent sequentially and 3.70 per cent in the year-ago period, IDFC First Bank said. Net NPA ratio also fell to 0.86 per cent from 1.03 per cent quarter-on-quarter and 1.53 per cent year-on-year.

“If we exclude the infrastructure financing book, which is anyway in run-down mode, the gross NPA and net NPA would be 1.84 per cent and 0.46 per cent at the overall bank level,” Vaidyanathan added.

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