IDFC First Bank Q4 profit after tax more than doubles to Rs 803 crore

Private sector lender IDFC First Bank on Saturday reported a 134 per cent jump in profit after tax (PAT) to Rs 803 crore for the March 2023 quarter, driven by strong growth in core operating income.

The bank's net profit was Rs 343 crore in the year-ago period.

"Net Profit for the year stood at Rs 2,437 crore compared to Rs 145 crore in FY22," the lender said in a statement.

The bank's core operating profit grew by 61 per cent year-on-year to Rs 1,342 crore.

The bank has registered its highest-ever quarterly profit in Q4 FY23 and highest-ever yearly profit in 2022-23.

Net Interest Income (NII) for the year grew 30 per cent to Rs 12,635 crore in FY23 from Rs 9,706 crore in FY22.

On a quarterly basis, NII grew 35 per cent to Rs 3,597 crore in the January-March period of 2022-23 from Rs 2,669 crore in the fourth quarter of FY22.

Gross non-performing advances improved to 2.51 per cent in the fourth quarter from 3.7 per cent in the year-ago period, as per the bank's filing on BSE.

Similarly, net NPAs came down to 0.86 per cent compared to 1.53 per cent in the fourth quarter of 2021-22.

IDFC First Bank CEO and MD V Vaidyanathan said the bank's asset quality remains high.

"We have registered our highest-ever quarterly profit of Rs 803 crore in Q4 FY23 and highest-ever yearly profit of Rs 2,437 crores in FY23," he said.

The bank further said customer deposits were at Rs 1,36,812 crore, up 47 year-on-year; and loans and advances were at Rs 1,60,599 crore, up 24 per cent. The bank's capital adequacy was at 16.82 per cent.