IDFC First Bank Reports 11% Decline in Q1 Net Profit

IDFC First Bank reported an 11% decline in net profit, amounting to Rs 680 crore, for the April-June quarter, compared to Rs 765 crore in the same period last year. Total income and interest income increased, while gross and net NPAs saw a decline.

IDFC First Bank on Saturday reported an 11 per cent decline in net profit at Rs 680 crore in the April-June quarter.

The bank had posted a net profit of Rs 765 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 10,408 crore as against Rs 8,282 crore, IDFC First Bank said in a regulatory filing.

The lender's interest income also increased to Rs 8,789 crore from Rs 6,868 crore in the same quarter a year ago.

The gross Non-Performing Assets (NPAs) declined to 1.9 per cent of the gross advances by June 2024 from 2.17 per cent in the same quarter a year ago.

The net NPA too declined to 0.59 per cent as against 0.70 per cent in the same period of the previous year.