IDFC First Bank Q3 Profit Rises 18% to Rs 716 cr

New Delhi, Jan 20 (PTI) Private sector lender IDFC First Bank on Saturday reported an 18 per cent growth in net profit to Rs 716 crore in the third quarter ended December 31, 2023, on the back of improved interest income.

The bank had earned a net profit of Rs 605 crore in the October-December quarter of 2022.

The total income of the bank increased to Rs 9,396 crore in the quarter as compared to Rs 7,064 crore in the December quarter of the previous fiscal, IDFC First Bank said in a regulatory filing.

The bank's interest income improved during the third quarter of the current fiscal to Rs 7,879 crore, as against Rs 5,912 crore in the same period last fiscal.

The gross non-performing asset (NPA) ratio improved to 2.04 per cent as on December 31, 2023, as against 2.95 per cent as on December 31, 2022.

Similarly, the net NPA also declined to 0.68 per cent as compared to 1.03 per cent at the end of December 2022.

However, provisions and contingencies rose to Rs 655 crore in the December quarter from Rs 450 crore in the same quarter of the last fiscal.

During the quarter Capital Adequacy Ratio of the bank improved to 16.73 per cent as compared to 15.01 per cent at the end of December 2022.

The bank's board in July 2023 approved the composite Scheme of Amalgamation of IDFC Financial Holding Company with IDFC Limited, and the amalgamation of IDFC Limited with IDFC First Bank.

The bank has received requisite approvals/ no objection letters from regulators, viz.. the Reserve Bank of India , Securities and Exchange Board of India, the Competition Commission of India, BSE Ltd and the National Stock Exchange of India Limited and other statutory and regulatory authorities, it said.

It has recently filed a joint Company Scheme Application with the National Company Law Tribunal, Chennai, (NClT) In relation to the proposed merger.