IDFC First Bank Q2 Profit Down 73% to Rs 201 Cr

New Delhi, Oct 26 (PTI) IDFC First Bank on Saturday posted a 73 per cent decline in its standalone profit to Rs 11,746 crore in the second quarter ended in September 2024.

The private sector lender had earned a net profit of Rs 751 crore in the same quarter a year ago.

However, total income increased to Rs 10,684 crore during the quarter under review against Rs 8,786 crore in the same period last year, IDFC First Bank said in a regulatory filing.

The bank reported interest income of Rs 8,957 crore during the quarter compared to Rs 7,356 crore in the same period a year ago.

Provisions for Q2 FY25 stood at Rs 1,732 crore, primarily on account of prudent provisioning buffer of Rs 568 crore, the bank said in a statement.

Net Interest Income (NII) improved to Rs 4,788 crore, from Rs 3,950 crore in the second quarter of the previous year. As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 1.92 per cent of the gross loans by the end of September 2024 from 2.11 per cent a year ago.

Similarly, net NPAs or bad loans moderated to 0.48 per cent from 0.68 per cent at the end of the second quarter of the previous fiscal.