IDFC First Bank Ltd on Saturday (January 20) reported an 18.4% year-on-year (YoY) jump in net profit at ₹715.7 crore for the third quarter that ended December 31, 2023.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 30.5%, coming at ₹4,286.6 crore against ₹3,284.3 crore in the corresponding quarter of FY23.
The gross non-performing asset (GNPA) stood at 2.04% in the December quarter against 2.11% in the September quarter. Net NPA came at 0.68% against 0.68% quarter-on-quarter. The net interest Margin was 6.42% in Q3 of FY24 as compared to 6.13% in Q3 of FY23 and 6.32% in Q2 of FY24.
In monetary terms, gross NPA stood at ₹3,775.4 crore against ₹3,747.8 crore quarter-on-quarter, whereas net NPA came at ₹1,250.3 crore against ₹1,192.5 crore quarter-on-quarter. The bank reported provisions for the quarter at ₹654.8 crore, up by 45.5% from ₹450.2 crore recorded in the same quarter a year earlier.
The customer deposits increased by 42.8% year-on-year from ₹1,23,578 crore as of December 31, 2022, to ₹1,76,481 crore as of December 31, 2023. The CASA Deposits grew by 28.6% year-on-year from ₹66,498 crore as of December 31, 2022, to ₹85,492 crore as of December 31, 2023. CASA Ratio stood at 46.8% as of December 31, 2023.
The Retail deposits grew by 46.6% year-on-year from ₹95,107 crore as of December 31, 2022, to ₹1,39,431 crore as of December 31, 2023. The retail deposits constitute 79% of total customer deposits as of December 31, 2023. Legacy High Cost Borrowings reduced from ₹18,762 crore as of December 31, 2022, to ₹13,607 crore as of December 31, 2023.
Capital Adequacy of the Bank was strong at 16.73% with a CET-1 Ratio of 13.95% as of December 31, 2023. The bank raised fresh equity capital of ₹3,000 crore in 1st week of October 2023.
Note:
The stock market is engaged in a complete session on Saturday, January 20, and will be closed on Monday, January 22, due to a public holiday in Maharashtra state to mark the inauguration of the Ram Temple in Ayodhya city.
First Published: Jan 20, 2024 6:08 PM IST
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
