IDFC First Bank Q1 Profit Down 11% to Rs 680 Crore - Business News
Jul 27, 2024 22:37
IDFC First Bank reported an 11% decline in net profit to Rs 680 crore in Q1 FY24. Total income rose, while gross NPAs declined.
Photograph: Courtesy: IDFC First Bank Photos/Wikimedia Commons
New Delhi, Jul 27 (PTI) IDFC First Bank on Saturday reported an 11 per cent decline in net profit at Rs 680 crore in the April-June quarter.
The bank had posted a net profit of Rs 765 crore in the year-ago period.
Total income in the first quarter of the current fiscal rose to Rs 10,408 crore as against Rs 8,282 crore, IDFC First Bank said in a regulatory filing.
The lender's interest income also increased to Rs 8,789 crore from Rs 6,868 crore in the same quarter a year ago.
The gross Non-Performing Assets (NPAs) declined to 1.9 per cent of the gross advances by June 2024 from 2.17 per cent in the same quarter a year ago.
The net NPA too declined to 0.59 per cent as against 0.70 per cent in the same period of the previous year.
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