IDFC FIRST Bank posts 18% rise in Q3 net profit

MUMBAI – IDFC FIRST Bank has reported a notable 18% increase in its net profit for the third quarter of the fiscal year 2024, reaching Rs 716 crore. This performance is underpinned by robust growth in the bank’s net interest income (NII) and fee income.

The bank’s NII for the quarter stood at Rs 4,287 crore (1 Rs = $0.012), showcasing significant year-over-year growth. Alongside this, customer deposits have experienced a considerable surge of nearly forty-three percent, culminating in Rs 176,481 crore. This growth in deposits reflects the bank’s strengthening relationship with its customers and its ability to attract new ones.

Further demonstrating the bank’s positive trajectory is the improvement in asset quality. IDFC FIRST Bank has successfully reduced its gross non-performing assets (GNPA) and net non-performing assets (NNPA), signaling enhanced financial health and risk management.

Despite these gains, the bank has also reported an increase in operating expenses, which have climbed to Rs 4,241 crore. Additionally, provisions have risen to Rs 655 crore. These figures suggest that the bank is proactively managing its expenses and setting aside funds to cover potential losses, ensuring a stable financial footing as it moves forward.

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