IDFC First Bank Q4 Result: Net Profit Rises To Rs 803 Crore

IDFC First Bank, one of India's leading private sector banks, has reported a significant increase in net profit of Rs 803 crore for the March quarter (Q4 FY23), from Rs 343 crore in the year-ago period.

The quarterly net profit experienced a significant increase of 32.7 percent. The bank's net interest income also showed an impressive growth of 35 percent, reaching Rs 3,597 crore in Q4 FY22 compared to Rs 2,669 crore in the previous year. Additionally, the bank's core operating profit witnessed a remarkable surge of 61 percent YoY, amounting to Rs 1,342 crore.

IDFC First Bank reported a decline in its gross non-performing assets (NPA) ratio to 2.51 percent, which is lower than the previous quarter's 2.96 percent and the 3.70 percent recorded in Q4 FY22, according to an exchange filing.

The bank also saw a decrease in its net NPA ratio to 0.86 percent, down from the previous quarter's 1.03 percent and 1.53 percent YoY, indicating an improvement in asset quality.

The bank's provisions for the full financial year FY23 decreased by 46 percent YoY to Rs 1,665 crore, and the credit cost was recorded at 1.16 percent, below the guidance of 1.5 percent.

IDFC First Bank also reported an improvement in its return on assets (ROA), increasing from 0.08 percent in FY22 to 1.13 percent in FY23, and an increase in return on equity (ROE) to 10.95 percent from 0.75 percent in FY22, according to a press release.