New Delhi: Private sector lender IDFC First Bank on Saturday reported a 134 per cent jump in profit after tax (PAT) to Rs 803 crore for the March 2023 quarter, driven by a strong growth in core operating income. The bank’s net profit in the year-ago period stood at Rs 343 crore. “Net profit for the year stood at Rs 2,437 crore as compared to Rs 145 crore in FY22,” the lender said in a statement.
The bank’s core operating profit grew 61 per cent year-on-year to Rs 1,342 crore. The bank has reported its highest ever quarterly profit in Q4 FY23 and highest ever annual profit in 2022-23. ,Also Read: Amazon’s Great Summer Sale 2023 Begins May 4: Check Out Top Offers,
Net interest income (NII) for the year grew by 30 per cent to Rs 12,635 crore in FY23 from Rs 9,706 crore in FY22. ,ALSO READ: Actor Shah Rukh Khan fined for promoting BYJU’s false coaching promise,
On a quarterly basis, NII grew by 35 per cent to Rs 3,597 crore in the January-March period of 2022-23 from Rs 2,669 crore in Q4 FY22.
According to the bank’s filing on BSE, gross non-performing advances rose to 2.51 per cent in the fourth quarter from 3.7 per cent in the year-ago period. Similarly, the net NPA came down to 0.86 per cent as compared to 1.53 per cent in the fourth quarter of 2021-22.
IDFC First Bank CEO and MD V Vaidyanathan said the bank’s asset quality remains high. “We have reported highest ever quarterly profit of Rs 803 crore in Q4 FY2023 and highest ever annual profit of Rs 2,437 crore in FY2023,” he said.
The bank further said that customer deposits stood at Rs 1,36,812 crore, up 47% year-on-year; And loans and advances were up 24 per cent at Rs 1,60,599 crore. The capital adequacy of the bank stood at 16.82 per cent.