IDFC FIRST Bank on Saturday reported first-quarter net profit climbed 61% year-on-year to ₹765 crore, from ₹474 crore a 12 months earlier, pushed by sturdy progress in core working revenue.
The financial institution stated net curiosity revenue (NII) grew 36% YoY to ₹3,745 crore. Net curiosity margin (gross of IBPC and selldown) was 6.33%.
Core working revenue (NII plus charges, excluding buying and selling good points) grew 39% to ₹5,086 crore.
Provisions elevated 55% YoY to ₹476 crore, the personal lender stated.
Customer deposits elevated by 44% YoY to ₹1,48,474 crore and funded belongings (together with advances & credit score substitutes) elevated by 25% YoY to ₹1,71,578 crore.
Gross NPA (GNPA) of the financial institution improved to 2.17%, from 3.36% a 12 months earlier. Net NPA (NNPA) improved to 0.70%, from 1.30%.
Provision protection ratio of the financial institution elevated to 83.12% as of June 30, from 73.13% as of June 30, 2022.
Capital adequacy was at 16.96% with CET-1 ratio at 13.70% as on June 30.
“We continue to build a strong franchise with a high CASA ratio of 46.5%.,” stated V. Vaidyanathan, Managing Director and CEO. “Our retail deposits are growing well, based on our strong positive brand, ethics, customer-friendly products and digital innovations,” he added.
“Our asset quality continues to remain strong. On the retail, rural & SME business, where our bank particularly specialises in, the gross NPA has come down to as low as 1.53% and the net NPA has come down to 0.52%,” the CEO noticed.
