IDFC First Bank PAT Up 18% YoY To Rs 716 Cr

IDFC FIRST Bank reported an 18 per cent year-on-year increase in Profit After Tax to Rs 716 crore for the quarter ending on 31 December 2023 and a 37 per cent YoY increase to Rs. 2,232 crore for the nine months.

Net Interest Income (NII) grew 30 per cent YOY from Rs. 3,285 crore in Q3-FY23 to Rs 4,287 crore in Q3- FY24. Net interest Margin (gross of IBPC and sell-down) was 6.42 per cent in Q3-FY24 as compared to 6.13 per cent in Q3-FY23 and 6.32 per cent in Q2-FY24.

Fee and Other Income grew by 32 per cent YoY from Rs. 1,117 crore in Q3-FY23 to Rs 1,469 crore in Q3- FY24. Retail fees constitute 93 per cent of the overall fees for the quarter Q3-FY24.

Core Operating income (NII plus Fees, excluding trading gains) grew 31 per cent from Rs. 4,402 crore in Q3- FY23 to Rs 5,755 crore in Q3-FY24. Operating Expense grew by 33 per cent YoY from Rs. 3,177 crore in Q3-FY23 to Rs. 4,241 crore in Q3-FY24. Core Operating Profit (pre provision operating profit excluding trading gains) grew by 24 per cent YOY from

Provisions increased 45 per cent YOY from Rs. 450 crore in Q3-FY23 to Rs. 655 crore in Q3-FY24. The credit cost (quarterly annualized) as per cent of average funded assets for 9M-FY24 was 1.26 per cent.