IDFC First Bank on Saturday reported that its standalone net profit jumped 18% year-on-year to Rs 716 crore for the quarter ended December 2023. The same stood at Rs 605 crore a year ago.
The net interest income (NII) of the lender rose 30% to Rs 4,287 crore in the third quarter, compared with Rs 3,286 crore in the same quarter of last year.
Other income during the reporting period increased 32% year-on-year to Rs 1,517 crore. It was Rs 1,152 crore in the last-year period.
The bank reported a pre-provision operating profit of Rs 1,562 crore in the October-December period, up 24% year-on-year, compared with Rs 1,261 crore in the corresponding period of the previous fiscal.
Provisions in the December quarter increased sharply by 46% year-on-year to Rs 654 crore. The same stood at Rs 450 in the last-year period. On a sequential basis, provisions jumped 24%.
More to come….
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