IDFC FIRST Bank's first-quarter net profit jumps 61% to Rs 765 crore

31 Jul 2023 , 03:12 AM

IDFC FIRST Bank said on Saturday that its net profit increased by 61% year on year to Rs 765 crore in the April-June quarter of this year, owing primarily to robust growth in core operating income.

The bank’s net revenue for the April-June 2022-23 quarter was Rs 474 crore.

‘Core operating profit (pre-provision operating profit minus trading gains) increased by 45 percent.’ ‘Y-o-Y growth of Rs 987 crore in Q1-FY23 to Rs 1,427 crore in Q1-FY24,’ the bank said in a statement.

Its Gross NPA fell to 2.17% as of June 30, 2023, down from 3.36% at the end of June 2022.

The bank’s net NPAs fell to 0.70% at the end of June 2023, down from 1.30% on June 30, 2022.

V Vaidyanathan, Managing Director and CEO of IDFC FIRST Bank commented on the results, saying, ‘We continue to build a strong franchise with a high CASA Ratio of 46.5 percent.’ Our retail deposits are increasing because of our strong positive brand, ethics, customer-friendly products, and digital advancements.’

The financed assets of the private sector lender increased by 25% from Rs 1,37,663 crore on June 30, 2022 to Rs 1,71,578 crore on June 30, 2023.

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