Shares of IDFC First Bank Ltd. hit a two-year high after it reported its highest-ever quarterly and yearly profit for the period ended March 31.
The private sector lender reported a 134% jump in profit after tax to Rs 803 crore for the March 2023 quarter on Saturday. The hike was driven by strong growth in core operating income. The bank's net profit was Rs 343 crore in the year-ago period.
IDFC First Bank has registered its highest-ever quarterly profit in Q4 FY23 and its highest-ever yearly profit in 2022–23. On a quarterly basis, net interest income grew 35% to Rs 3,597 crore in January–March 2022–23, from Rs 2,669 crore in the fourth quarter of FY22.
Gross non-performing advances improved to 2.51% in the fourth quarter from 3.7% in the year-ago period, as per the bank's filing on BSE. Net non-performing assets came down to 0.86%, compared to 1.53% in the fourth quarter of 2021–22.
We have registered our highest-ever quarterly profit of Rs 803 crore in Q4 FY23 and highest-ever yearly profit of Rs 2,437 crores in FY23V Vaidyanathan , CEO And MD, IDFC First Bank
Shares of IDFC First Bank Ltd. gained 3.66% to Rs 63.7 apiece, compared to a 0.46% advance in the NSE Nifty 50 as of 9:53 a.m. on Tuesday. The stock rose as much as 6.18% intraday, the most in nearly seven months since Oct. 4, 2022. The stock breached its two-year high to rise to Rs 65.25 apiece intraday, the most since March 2021.
The total traded volume so far in the day stood at 10.6 times its 30-day average. The relative strength index was at 81, implying that the stock may be overbought.
Out of the 14 analysts tracking the company, 10 maintain a 'buy' rating, two recommend a 'hold', and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 9.9%.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
