Home Business IDFC First Bank Q4 net profit more than doubles to Rs 803 crore.

IDFC First Bank Q4 net profit more than doubles to Rs 803 crore.

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IDFC First Bank Q4 net profit more than doubles to Rs 803 crore.

The bank’s gross non performing assets (NPA) ratio fell to 2.51 percent from 2.96 percent sequentially and 3.70 percent in Q4 FY22

IDFC First Bank on April 29 reported a massive 134 percent jump in standalone net profit at Rs 803 crore for the March quarter (Q4 FY23), from Rs 343 crore in the year-ago period.

Net profit jumped 32.7 percent on a quarterly basis.

Net interest income for the bank grew 35 percent year-on-year to Rs 3,597 crore from Rs 2,669 crore in Q4 FY22. And, the bank’s core operating profit grew by 61 percent YoY to Rs 1,342 crore.

“We have built a strong foundation for the bank with a diversified customer deposits and diversified loan book. We have registered our highest ever quarterly profit,” V Vaidyanathan, managing director and CEO, IDFC FIRST Bank said.

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