IDFC First Bank Q2 results: Net profit up 35% at ₹751 crore, NII jumps 32%
IDFC First Bank recorded a net profit of ₹751.3 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is up by 35 percent from ₹556 crore in the year-ago period, as per the standalone results declared by the lender on October 28. The private sector bank's net interest income (NII) during the quarter under review came in at ₹3,950.2 crore, rising by 31.6 percent from ₹3,002.2 crore reported in the corresponding period of the previous fiscal. The gross non-performing assets (NPA) at the end of September 2023 quarter stood at ₹3,747.8 crore, as compared to ₹3,603.4 crore at the end of the preceding quarter.
The gross GNP ratio improved to 2.11 percent from ₹2.17 percent in the April-June period. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The net NPA at the end of Q2FY24 stood at ₹1,192.5 crore, as against ₹1,140 crore in the previous quarter.
The ratio improved marginally to 0.68 percent during the second quarter from 0.70 percent in the first quarter of this fiscal. The core operating profit, which is the pre-provision operating profit excluding trading gains, came in at ₹1,456 crore in the September 2023 quarter, rising by 38 percent from ₹1,052 crore in the year-ago period, a press release noted. The lender's core operating income – NII plus fees and excluding trading gains – grew 35 percent on-year to ₹5,326 crore in Q2FY24, it added.
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