IDFC First Bank Q4 profit dips 9.8%

IDFC First Bank 's net dipped 9.8% in Q4 but total deposits rose 39% to ₹2 lakh crore, while the share of CASA stood at 47.2% as of March 31, 2024 - probably highest among all private banks. Retail deposits stood at ₹1.51 lakh crore and legacy high-cost borrowing stood at ₹11,809 crore.

Mumbai: Private lender reported a 9.8% dip in net profit to ₹724 crore for the fourth quarter ending March 2024 over the corresponding period last year. The Bloomberg poll had estimated a net profit of ₹756 crore in the fourth quarter.

The bank's net profits were impacted by a significant 50% increase in provisions for bad loans, which amounted to ₹722 crore in Q4. For FY24, the bank reported a 21% rise to ₹2,957 crore.

For the quarter ending March 2024, net interest income rose 24% to ₹4,469 crore, while fee income rose 36% to ₹1,610 crore. Operating expenses rose 29% to ₹4,447 crore.

rose 39% to ₹2 lakh crore, while the share of stood at 47.2% as of March 31, 2024 - probably highest among all private banks. Retail deposits stood at ₹1.51 lakh crore and legacy high-cost borrowing stood at ₹11,809 crore.

Advances rose 25% to ₹2 lakh crore and share of infrastructure project finance stood at 1.4%. The stood at 16.11%, with a CET -1 ratio of 13.3%. Gross non-performing loan was at 1.88% of gross advances, and after provisions, the net NPA stood at 0.60%. It reported a provision coverage ratio of 86.5%.

Source: Stocks-Markets-Economic Times