IDFC First Bank on January 21 reported a consolidated net profit of Rs 605 crore for the December quarter, up 115 percent from Rs 281 crore in the same quarter of the previous year.
The net interest income for the quarter stood at Rs 3,285.30 crore, up 27.33 percent from Rs 2,579.96 crore, the company said in a regulatory filing.
The lender’s customer deposits were at Rs 1,23,578 crore, up 44 percent year on year (YoY), funded asset at Rs 1,52,152 crore, up 25 percent YoY and capital adequacy at 16.06 percent (including profits).
Also read: ICICI Bank Q3 net profit surges 34% to Rs 8,312 crore, beats estimates
The bank continues to wind down infrastructure financing as per stated strategy, it said. Infrastructure financing reduced by 31 percent YoY and constituted only 3.7 percent of total funded assets as of December 31, 2022.
Gross non-performing assets (NPA) improved from 3.96 percent to 2.96 percent YoY and the net NPA improved from 1.74 percent to 1.03 percent YoY.
The bank’s retail and commercial credit portfolio, which is the majority part of the overall book, is “highly diversified” across more than 20 lines of businesses.
“We are happy to state that we have now built a strong foundation for the bank with CASA ratio at 50 percent and strong retail deposit franchise contributing 77 percent of the overall customer deposits,” managing director and CEO V Vaidyanathan said.
The deposit franchise continued to grow and the bank was confident of growing the loan book in a stable manner, he said.
Also read: Kotak Mahindra Bank beats Street forecast, Q3 net jumps 31% to Rs 2,792 crore
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