IDFC FIRST Bank announces impressive 18% YoY increase in Q3-FY23 profit

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The Board of Directors of has officially released its unaudited financial results for the quarter and nine months ending December 31, 2023, signaling robust growth and solid . The bank’s net profit saw an impressive 18% year-over-year increase, from Rs. 605 crore in Q3-FY23 to Rs. 716 crore in Q3-FY24.

Significant Growth in Net Interest Income

A key driver of this growth was the bank’s Net Interest Income (NII), which expanded by 30% YOY from Rs. 3,285 crore in Q3-FY23 to Rs. 4,287 crore in Q3-FY24. This substantial rise in NII is a testament to the bank’s robust financial management and strategic operations.

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Noteworthy Enhancements in Profit Margins

The bank’s Net Interest Margin also showed a positive trend, increasing from 6.13% in Q3-FY23 to 6.42% in Q3-FY24. Additionally, Fee and Other Income grew by 32% YoY, indicating a diversified and strong revenue stream.

Robust Financial Growth for IDFC FIRST Bank with 37% YOY Profit Rise in Q3-FY23

Robust Financial Growth for IDFC FIRST Bank with 37% YOY Profit Rise in Q3-FY23

Operating Income and Expenses: A Balanced View

IDFC FIRST Bank’s Core Operating income (NII plus Fees, excluding trading gains) grew by 31%, while Operating Expense also saw a 33% YoY increase, reflecting the bank’s strategic investment in its growth and expansion.

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Deposits and Borrowings: A Strong Foundation

The bank’s Customer Deposits saw a significant 42.8% YoY increase, with CASA and Retail Deposits growing by 28.6% and 46.6% YoY, respectively. This growth in deposits underlines the bank’s strong customer base and market trust.

Asset Quality and Funded Assets: Robust and Improving

IDFC FIRST Bank continues to demonstrate strong asset quality, with a marked improvement in GNPA and NNPA ratios. The bank’s focus on reducing exposure to infrastructure financing aligns with its strategic vision and has contributed to a healthy balance sheet.

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Capital Position and Liquidity: A Secure Outlook

With a solid Capital Adequacy Ratio and strong Average LCR, the bank is well-positioned for future growth. The raising of fresh equity capital further bolsters its financial stability.

CEO’s Vision and Future Guidance

V Vaidyanathan, the Managing Director and CEO of IDFC FIRST Bank, expressed satisfaction with the bank’s deposit growth and asset quality. He emphasized the bank’s vigilant approach and provided a positive outlook for future growth.


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