IDFC First Bank Q1FY24 results: Net profit rises 61% YoY at Rs 765 cr

Its net interest income grew by 36 per cent YoY from Rs 2,751 crore in Q1FY23 to Rs 3,745 crore in Q1FY24

Private sector lender IDFC First Bank’s net profit rose by 61 per cent in the quarter that ended on June 30 (Q1FY24) on a year-on-year (YoY) basis at Rs 765 crore driven by strong growth in operating income.

Its net interest income (NII) grew by 36 per cent YoY from Rs 2,751 crore in Q1FY23 to Rs 3,745 crore in Q1FY24. The net interest margin (NIM) was 6.33 per cent in Q1FY24 as compared to 5.77 per cent in Q1FY23.

Fee and other income grew by 49 per cent YoY from Rs 899 crore in Q1FY23 to Rs 1,341 crore in Q1FY24, the bank said in a statement.

The bank's provisions increased 55 per cent YoY from Rs 308 crore in Q1FY23 to Rs 476 crore in Q1FY24.

Its assets (including advances & credit substitutes) increased by 25 per cent YoY from Rs 1.37 trillion in June 2022 to Rs 1.71 trillion in June 2023.

The deposits rose by 44 per cent YoY from Rs 1.02 trillion as of June 30, 2022, to Rs 1.48 trillion as of June 30, 2023.

The share of the bank's low-cost deposits – Current Account and Savings Account (CASA) – on total deposits declined from 50 per cent in June 2022 to 46.5 per cent in June 2023 due to a shift in money from SA to term deposits due to prevailing interest rates.

The gross non-performing assets (GNPAs) of the bank declined from 3.36 per cent in June 2022 to 2.17 per cent in June 2023.

Net non-performing assets (NNPA) of the bank stood at 0.7 per cent, down from 1.30 per cent in June 2022.

IDFC First Bank's capital adequacy stood at 16.96 per cent with CET-1 ratio at 13.70 per cent in June 2023.