IDFC FIRST Bank Q3 FY 23 Profit After Tax up 115% YoY at Rs.605 crore

IDFC First Bank reported a net profit of Rs 604.61 crore in Q3 FY23, steeply higher than Rs 281.06 crore recorded in Q3 FY22. The bank had advanced 1.26% to Rs 60.10. According to an official communication, the jump in the net profit was mainly driven by strong growth in core operating income, V Vaidyanathan, managing director and CEO, IDFC First Bank, said.  Total Income jumped 35.9% year on year (YoY) to Rs 7,064.30 crore in the quarter ended 31 December 2022. Net Interest Income (NII) grew by 27% year on year (YoY) to Rs 3,285 crore in Q3 FY23 as against Rs 2,580 crore reported in Q2 FY22.

On the retail side, where our bank particularly specializes in, the gross NPA has come down to 1.87% and the net NPA has come down to 0.70%, against the guidance of GNPA and Net NPA of 2.0% and 1.0% respectively. Vaidyanathan, added, "We are confident that our improvement trend would continue going forward as the issues on legacy wholesale book, especially in infrastructure finance, are addressed and the book continue to run down. We have registered our highest ever profit of Rs. 605 crore in Q3-FY23 and our return on equity has now moved firmly into double digits".