Financial Insights

IDFC First Bank reports a 117% YoY jump in profits in its Q3 results

IDFC First bank has reported a 117% YoY growth in its net profit to Rs 281 crore. The bank had reported a profit of Rs 130 crores on December 2020, resulting in a two-fold increase in the bank’s net profit.

The bank’s Net Interest Income grew by 36% as it reached Rs 2,580 crores while its Net Interest Margin stood firm at 5.9% excluding income pertaining to prior period for one telecom account. Fees and other income grew 28% YoY while provisions declined by 32% at Rs 392 crores.

Its Gross NPA and Net NPA stood at 3.96% and 1.74% at the end of December 2021.Its CASA ratio increased to 51.59% while customer deposits grew by 11% YoY to touch Rs 85,818 crores. The shares saw a 2% gain after the announcement of the results.

Highlight by Aman Agarwal.

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