IDFC First Bank Q3 Results: Net profit jumps 18% to Rs 716 crore; asset quality improves

IDFC first bank

Private sector lender IDFC First Bank on January 20 reported a net profit of Rs 715.68 crore for the October-December quarter of the financial year (FY) 2023-24, clocking a 18.37 percent rise from Rs Rs 605 crore in the year-ago period.

The net profit, at Rs 715.68 crore, came below market estimates of Rs 825.6 crore.

The bank's gross non-performing asset (NPA) stood at 2.04 percent, down from 2.96 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent, improving from 1.03 percent on a year-on-year basis.

Ahead of the earnings, shares of IDFC First Bank ended 2.27 percent up at Rs 87.67 apiece on BSE on January 20.

CASA Deposits grew by 28.6 percent YoY from Rs. 66,498 crores as of December 31, 2022, to Rs. 85,492 crores as of December 31, 2023. CASA Ratio stood at 46.8 percent as of December 31, 2023.

V Vaidyanathan, Managing Director and CEO, of IDFC FIRST Bank, said, “We are happy to share that our deposits continue to grow strongly at 43 percent YOY, and our CASA ratio continues to be strong at 46.8 percent. 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 percent and 0.50 percent respectively as of December 31, 2023."