IDFC First Bank Q1 result | Net profit rises 61.3% to Rs 765.16 crore
29-Jul-2023
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IDFC First Bank Ltd reported a 61.3% year-on-year (YoY) rise in net profit for the quarter ended June to Rs 765 crore. Total income from operations grew 43.3% on year to Rs 8,282 crore. Net interest income, the difference between interest earned and interest expended, rose 36% YoY to Rs 3,745 crore. Operating profit for the quarter, before provisions and contingencies, surged 59% YoY to Rs 1,500 crore. Provisions and contingencies for the quarter was Rs 476 crore, compared to Rs 308 crore a year ago. Gross non-performing assets (NPA) as a percentage of the total loans was 2.17% as of June end, compared to 3.36% a year ago, and 2.51% a quarter ago. The net NPA ratio was 0.70% as of June end, compared to 1.30% a year ago, and 0.86% a quarter ago. The capital adequacy ratio as of June end was 16.96% as of June end, compared to 15.42% a year ago. Net interest margin was 6.33% for the quarter, compared to 5.77% a year ago, and 6.41% a quarter ago. Fee and other income grew by 49% YoY to Rs 1,341 crore in Q1-FY24. Retail fees constituted 91% of the overall fees for the quarter. Operating expense grew by 37% YoY to Rs 3,659 crore in the quarter, primarily on account of employee increments, branch expansion and increase in business volumes.
