IDFC First Bank net profit at Rs 342 crore surges 168% in March quarter

Bank says the economic impact of the coronavirus is diminishing to help its asset quality, lending

Private sector lender IDFC First Bank reported on Saturday 168 per cent growth in net profit at Rs 342 crore, driven by strong growth in core operating income and lower provisioning.

Net interest income (NII) grew by 36 per cent on year to Rs. 2,669 crore in Q4 FY22, while fee and other income increased by 40 per cent YoY to Rs. 841 crore during the period. The net interest margin for the quarter was 6.27% as compared to 5.17% during the same period the previous year. NIM for FY22 stood improved to 5.96% as compared to 5.03% in FY21.