IDFC First Bank on April 29 reported a massive 134 percent jump in standalone net profit at Rs 803 crore for the March quarter (Q4 FY23), from Rs 343 crore in the year-ago period.
Net profit jumped 32.7 percent on a quarterly basis.
Net interest income for the bank grew 35 percent year-on-year to Rs 3,597 crore from Rs 2,669 crore in Q4 FY22. And, the bank's core operating profit grew by 61 percent YoY to Rs 1,342 crore.
“We have built a strong foundation for the bank with a diversified customer deposits and diversified loan book. We have registered our highest ever quarterly profit," said V Vaidyanathan, managing director and CEO, IDFC FIRST Bank.
Gross non performing assets (NPA) ratio fell to 2.51 percent from 2.96 percent sequentially and 3.70 percent in Q4 FY22, IDFC First Bank said in an exchange filing. Net NPA ratio also fell to 0.86 percent from 1.03 percent QoQ and 1.53 percent YoY, thus indicating asset quality improvement.
"If we exclude the infrastructure financing book, which is anyway in run-down mode, the gross NPA and net NPA would be 1.84 percent and 0.46 percent at the overall bank level," Vaidyanathan added.
For the full financial year FY23, provisions decreased by 46 percent YoY to Rs 1,665 crore. Credit cost came in 1.16 percent against the guidance of 1.5 percent.
ROA (return on assets) improved from 0.08 percent in FY22 to 1.13 percent in FY23, the bank said in a press release, adding that ROE (return on equity) improved to 10.95 percent from 0.75 percent in FY22.
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