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MUMBAI: IDFC First Bank has reported a net profit of Rs 751 crore for the quarter which ended in September 2023, representing a 35% increase over the Rs 556 crore it reported in the corresponding quarter of the previous year.
Customer deposits increased by 44% year on year (YoY), rising from Rs 1,14,004 crore as of September 30, 2022, to Rs 1,64,726 crore as of September 30, 2023, while loans and advances grew by 26% YoY, moving from Rs 1,45,362 crore as of September 30, 2022, to Rs 1,83,236 crore as of September 30, 2023.
IDFC First Bank attributed the increase in net profit to the growth in core operating income.
The bank’s Net Interest Income (NII) experienced a 32% year-on-year growth, advancing from Rs 3,002 crore in Q2-FY23 to Rs 3,950 crore in Q2-FY24.
Customer deposits increased by 44% year on year (YoY), rising from Rs 1,14,004 crore as of September 30, 2022, to Rs 1,64,726 crore as of September 30, 2023, while loans and advances grew by 26% YoY, moving from Rs 1,45,362 crore as of September 30, 2022, to Rs 1,83,236 crore as of September 30, 2023.
IDFC First Bank attributed the increase in net profit to the growth in core operating income.
The bank’s Net Interest Income (NII) experienced a 32% year-on-year growth, advancing from Rs 3,002 crore in Q2-FY23 to Rs 3,950 crore in Q2-FY24.
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