IDFC First Bank Q4 net profit plunges 10 pc to Rs 724 crore

New Delhi, (UNI) IDFC FIRST Bank on Saturday reported 9.83% year-on-year decline in net profit for January-March quarter (Q4) of financial year 2023-24.

The bank had posted a profit of Rs 803 crore in the corresponding quarter of the previous financial year 2022-23.

Net Interest Income (NII) of the bank grew 24% from Rs 3,597 crore in Q4 FY23 to Rs 4,469 crore in Q4 FY24.

The bank’s gross NPA (non-performing asset) improved 63 basis points (bps) from 2.51% as of March 31, 2023 to 1.88% of March 31, 2024, improved by 16 bps on quarter-on-quarter (QoQ) basis.

Net NPA improved 26 bps from 0.86% as of March 31, 2023 to 0.60% of March 31, 2024, and improved by 8 bps on QoQ basis.

Total deposits (including Certificate of Deposits) of the bank increased by 38.7% year-on-year from Rs 1,44,637 crore as of March 31, 2023 to Rs 2,00,576 crore as of March 31, 2024.

Loans and Advances (including credit substitutes) increased by 25.1% year-on-year from Rs 1,60,599 crore as of March 31, 2023 to Rs 2,00,965 crores as of March 31, 2024.

Commenting on the financial performance, V Vaidyanathan, Managing Director and CEO, IDFC First Bank said, “It is my delight to share that we have crossed a landmark of Rs. 4,00,000 crore mark of Total Deposits and advances including credit substitutes at the Bank. What is more important for us is that the asset quality continues to be maintained at all-time best of GNPA and NNPA of 1.88% and 0.60% respectively, the lowest NPA in our history.”

He further said, “All legacy infrastructure loans are fully factored into the above. Excluding infrastructure loans, the GNPA and NNPA is only 1.55% and 0.42% respectively. All asset quality parameters are stable.”

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