IDFC FIRST Bank has reported a net profit of INR 281 crores in the third quarter of the fiscal year 2022 (Q3 FY22), a growth of 117% compared to INR 1,892 crores in the same quarter of the previous fiscal year.

According to IDFC FIRST Bank, the Q3 FY22 net profit was fueled by robust growth in core operating income and lower provisioning.

The Indian private sector bank said that its net interest income increased by 36% year-over-year (YoY) to INR 2,580 crores in Q3 FY22 from Q3 FY21’s INR 1,892 crores.

The core operating income of IDFC FIRST Bank for the reported quarter was INR 3,324 crores, which is a 34% increase compared to a core operating income of INR 2,474 crores in Q3 FY21.

Its CASA deposits grew 18% YoY to INR 47,859 crores as on 31 December 2021, in comparison to INR 40,563 crores as on 31 December 2020.

V Vaidyanathan — Managing Director and CEO of IDFC FIRST Bank said: “The business conditions are normalising. We are seeing strong growth in credit once again; our home loan business has grown by 44% year-on-year.

“For the last three years, we have been laying a strong foundation by building a strong deposit base, increasing CASA%, dealing with legacy loans, and scaling up core operating profits. Our net interest margin is strong at 5.9%.”

  Banking industry news, IDFC FIRST Bank, India, V Vaidyanathan