IDFC First Bank Q2 Results: IDFC First Bank on Saturday, October 17 released its July-September results of the current financial year. The bank said that its net profit in the September quarter increased by 75.4 percent on an annual basis to Rs 352 crore, which was Rs 201 crore in the same quarter a year ago. The bank said that higher interest income, less provisioning and surge in consumer deposits helped it increase its profit.
IDFC First Bank’s net interest income (NII) rose 6.8 per cent to Rs 5,112.7 crore in the September quarter. At the same time, gross non-performing assets improved to 1.86 percent during this period, which was 1.97 percent in the previous quarter. At the same time, its net NPA came down to 0.52 percent, which was 0.55 percent in its previous quarter.
The bank’s provisioning declined by 12.5 per cent to Rs 1,452 crore in the September quarter from Rs 1,659 crore in the previous quarter. The bank’s provisioning has decreased especially in the microfinance segment. IDFC First Bank’s net interest margin declined to 5.59% in the September quarter from 6.18% in the same quarter a year ago.
V. Vaidyanathan, Managing Director and CEO of the bank, said that the asset quality of the bank remains stable and the pressure in the microfinance segment has now largely subsided. He said that improvement in operating leverage and decline in cost of funds are expected to support the bank’s profitability in the coming times.
IDFC First Bank currently serves over 3.5 crore customers through over 1,000 branches across the country.
status of shares
Shares of IDFC First Bank closed 0.22 per cent higher at Rs 71.95 on the NSE on Friday, October 17. Since the beginning of this year, the bank’s shares have risen by about 12 percent.
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