IDFC First Bank Q3 Results: Profit Jumps 18% On Higher Income
Net interest income rose 30% to Rs 4,286.6 crore, while gross NPA was at 2.04% vs 2.11% in the preceding quarter
IDFC First Bank Ltd.'s third-quarter profit rose 18%, meeting analysts' estimates.
The private sector bank's net profit increased to Rs 715.7 crore in the October–December quarter, according to an exchange filing on Saturday. This is compared to a consensus estimate of Rs 751 crore of analysts tracked by Bloomberg.
IDFC First Bank Q3 FY24 Earnings Highlights
Net interest income up 30% at Rs 4,286.6 crore (YoY).
Other income up 32% to Rs 1,516.5 crore (YoY)
Net profit up 18% at Rs 715.7 crore (YoY)
Gross non-performing assets down 7 basis points at 2.04%. (QoQ).
Net NPA at 0.68% vs 0.68% (QoQ).
The net interest margin improved 10 bps to 6.42%, compared to 6.32% in the previous quarter.
Provisions rose 45% to Rs 654.8 crore from a year ago. The provision coverage ratio, including technical write-off, increased 84.68% from the previous 76.60%.
Current account-savings account deposits stood Rs 85,492 crore. Customer deposits increased 43% to approximately Rs 1.77 lakh crore crore. Retail deposits rose 47% to approximately Rs 1.39 lakh crore. The capital adequacy ratio stood at 16.73%, with CET-1 ratio at 13.95%.
Shares of IDFC First Bank closed 2.27% lower at Rs 87.67 apiece on the BSE compared to a 0.36% decline in the benchmark Sensex. The results were announced after market close.