IDFC First Bank Q3 profit increases 18.4% to Rs 715.7 crore

IDFC First Bank Q3 results: Private lender IDFC First Bank’s net profit surged 18.4 per cent to Rs 715.7 crore in the December quarter (Q3FY24), from Rs 604.6 crore in the same quarter a year ago (Q3FY23). 

The bank’s Net Interest Income (NII), the difference between interest earned and interest expended, climbed 30.5 per cent to Rs 4,286.6 crore in Q3FY24, from Rs 3,284.3 crore in the same period last year.

Gross NPA (non-performing assets) for the company depreciated  0.7 per cent to Rs 3,775.4 crore, against Rs 3,747.8 crore in the previous quarter of the same fiscal.

Meanwhile, the net NPA depreciated 4.8 per cent to Rs 1,250.3 crore, against Rs 1,192.5 crore in the previous quarter of the same fiscal.

IDFC First Bank's provisions soared 45.4 per cent to Rs 654.8 crore in the December quarter, from Rs 450.2 crore in the same quarter last year. 

The market capitalisation of the company is Rs 61,955 crore, according to the Bombay Stock Exchange (BSE).

The shares of IDFC First Bank settled 2.27 per cent higher at Rs 87.67 per share, when the market closed today, January 20.