IDFC First Bank slips 8% after posting Q3 nos; net profit declines 53% YoY

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IDFC First Bank shares slipped 8.4 per cent in trade on Monday, logging an intraday low at Rs 57.46 per share. The counter saw selling after the company registered a 53 per cent decline in net profit at Rs 339 crore for the third quarter that ended December 2024 as compared to Rs 716 crore in the same quarter a year ago.

 

Around 12:18 PM, IDFC First Bank share price was down 7.77 per cent at Rs 57.43 per share on BSE. In comparison, the BSE Sensex was down 0.83 per cent at 75,561.03. The market capitalisation of the company stood at Rs 42,041.71 crore. The 52-week high of the stock was at Rs 86.08 per share and the 52-week low was at Rs 57.41 per share. 

 

The company's overall provisions, excluding tax doubled to Rs 1,338 crore from Rs 655 crore in the same quarter a year ago. Provisions coverage ratio on non-performing loans was 78.2 per cent as of December 31, 2024. On the asset quality front, the bank's gross non-performing assets ratio improved to 1.94 per cent from 2.04 per cent a year ago.

 

Similarly, net NPAs, or bad loans, came down to 0.52 per cent from 0.68 per cent at the end of the third quarter last fiscal.

 

The bank released its Q3 results on Saturday which showed a decline in net profit of 53 per cent at Rs 339 crore for the third quarter ended December 2024 as compared to Rs 716 crore a quarter ago. 

 

The company's total income increased to Rs 11,123 crore during the quarter from Rs 9,396 crore in the same period a year ago, IDFC First Bank said in a regulatory filing. Interest income increased to Rs 9,343 crore from Rs 7,879 crore a year ago. 

 

On the asset quality front, the bank's gross non-performing assets ratio improved to 1.94 per cent from 2.04 per cent a year ago.

 

“Our bank continues to grow well on loans and deposits. Our customer deposits is growing strongly at 29 per cent year-on-year (Y-o-Y) to reach Rs 2,27,316 crore, with the current account, savings account (CASA) ratio sustaining at 48 per cent. The loans & advances grew steadily by 22 per cent Y-o-Y to reach Rs. 2,31,074 crore," said V Vaidyanathan, managing director and CEO, IDFC First Bank.

 

In the past one year,  IDFC First Bank shares have lost 24 per cent against Sensex's rise of 5.9 per cent.