IDFC FIRST Bank announces Q2 FY24 profits: A 35% YoY increase

IDFC FIRST Bank witnessed a robust 35% YoY growth in its Q2-FY24 net profit, rising from Rs. 556 crore in Q2-FY23 to an impressive Rs. 751 crore in Q2-FY24. This surge is primarily attributed to a substantial increase in the core operating income.

Detailed insights reveal:

• Core Operating Profit soared by 38% YoY, reaching Rs. 1,456 crore for Q2-FY24 from the previous Rs. 1,052 crore in Q2-FY23.
• Net Interest Income (NII) expanded by 32% YoY, hitting Rs. 3,950 crore in Q2-FY24 from Rs. 3,002 crore in the same quarter the prior year.
• Fee and Other Income experienced a 46% YoY growth, positioning at Rs. 1,376 crore in Q2-FY24.

IDFC FIRST Bank Q2 FY24 profits up by 35% YoY. Photo courtesy of IDFC First Bank Photos/Wikimedia Commons.

Deposits & Borrowings Expansion

The Bank recorded a remarkable 44% YoY increase in Customer Deposits, escalating to Rs. 1,64,726 crore as of September 30, 2023. Additionally:

• CASA Deposits witnessed a 26% YoY growth, amounting to Rs. 79,468 crore with a CASA Ratio standing firm at 46.4%.
• Retail deposits leaped by 50% YoY, concluding at Rs. 1,27,595 crore by the end of September 2023.

Funded Assets Overview

IDFC FIRST Bank reported a 26% YoY enhancement in funded assets, which includes advances & credit substitutes, culminating at Rs. 1,83,236 crore as of September 30, 2023.

CEO’s Insightful Words

V Vaidyanathan, the Managing Director and CEO of IDFC FIRST Bank, emphasized the bank’s long-term vision. He quoted, “As mentioned before, we are firmly fixated on building our Bank for the “long-run”… We have registered a profit of Rs. 1,516 crore in H1-FY24, reflecting a growth of 47% over PAT of Rs. 1,030 crore in H1-FY23.”