IDFC First Bank Q2 Results: Net Profit Up By 35%, 32% NII Growth

IDFC First Bank has reported a net profit of Rs 751.3 crore for the second quarter of fiscal year 2023-24 (Q2FY24), marking a 35 per cent increase from Rs 556 crore in the corresponding period of the previous year, according to the bank's standalone results announced on 28 October.

The private sector bank's net interest income for the quarter reached Rs 3,950.2 crore, representing a significant 31.6 per cent growth compared to the Rs 3,002.2 crore reported in the same period in the previous fiscal year.

The core operating profit, which excludes trading gains and is termed as pre-provision operating profit, stood at Rs 1,456 crore in the September 2023 quarter. This marks a notable 38 per cent increase from the Rs 1,052 crore recorded in the year-ago period, as highlighted in a press release.

The bank's core operating income, which combines net interest income, fees, and excludes trading gains, experienced a substantial 35 per cent year-on-year growth, reaching Rs 5,326 crore in Q2FY24.