IDFC First Bank Q3 Results: Net profit rises 18% YoY to Rs 716 crore

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….

(Subscribe to ETMarkets WhatsApp channel)