IDFC FIRST Bank Q1 FY24 profits soar to Rs 765cr at 61% growth
IDFC FIRST Bank, in its recent Q1 FY24 financial report, revealed an impressive growth of 61% YoY in their Profit After Tax (PAT), which is up to Rs. 765 crore from Rs. 474 crore in Q1 FY23. The news came following the approval of the bank’s unaudited financial results by its board of directors.
The key driver behind this growth was the substantial increase in core operating income. It’s also worth noting the 45% YoY growth in Core Operating Profit, which leapt from Rs. 987 crore in Q1-FY23 to Rs. 1,427 crore in Q1-FY24.
The bank also witnessed a 36% YoY surge in Net Interest Income (NII), rising from Rs. 2,751 crore in Q1-FY23 to Rs. 3,745 crore in Q1-FY24. Similarly, Fee and Other Income experienced a significant boost of 49% YoY, elevating from Rs. 899 crore in Q1-FY23 to Rs. 1,341 crore in Q1-FY24, with retail fees constituting 91% of the overall fees for Q1-FY24.
Q1 FY24 sees significant profit growth for IDFC FIRST Bank at Rs 765cr. Photo courtesy of IDFC First Bank Photos/Wikimedia Commons.
However, the Operating Expense and Provisions saw increases by 37% YoY and 55% YoY respectively, primarily due to employee increments, branch expansion, and business volume growth.
Regarding asset quality, IDFC FIRST Bank reports a continued stronghold with a Gross NPA down to a low of 1.53% and the Net NPA down to 0.52% in the retail, rural, and SME sectors. The bank’s management expressed gratitude to shareholders and customers for their unwavering support during a transformative period for the bank, expressing confidence in future performance improvements.