IDFC First Bank Q3 Results: Net profit rises 18% to ₹715 crore, NII up 30.5% YoY; asset quality stronger
IDFC First Bank Q3 Results: IDFC First Bank announced its October-December quarter results for fiscal 2023-24 (Q3FY24), reporting a rise of 18.4 per cent in net profit at ₹715 crore, compared to ₹604.6 crore in the year-ago period. The private sector lender's net interest income (NII) - the difference between interest earned and interest expended - rose 30.5 per cent to ₹4,286.6 crore, compared to ₹3,284.3 crore in the corresponding period last year.
The bank registered a growth of 37 per cent in net profit at ₹2,232 crore in the nine-months ended December 31, 2023, compared to ₹1,635 crore in the year-ago period. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.
“Our asset quality continues to improve. On the retail, rural & SME business, which is a significant part of our business, the gross NPA and net NPA continue to remain low and are at 1.45 per cent and 0.50 per cent respectively as of 31st December 2023,'' said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.
‘’At the time of the merger of IDFC Bank and Capital First, the bank provided Guidance 1.0. As of 31st December 2023, IDFC FIRST Bank has completed exactly 5 years post the merger and hence we are providing Guidance 2.0 (FY 24-29), with greater visibility as compared to the visibility we had at time of providing Guidance 1.0.
We are likely to meet most targets under Guidance 1.0,'' added Vaidyanathan. MORE TO COMEMilestone Alert!
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