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IDFC FIRST Bank Witnesses Decline in Q4 Net Profit, Reports Increase in Interest Income

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IDFC‘s financial results for the quarter ending March 2024 showed a significant decline in net profit, with a 90% decrease to ₹347.85 crore. This decline was notable compared to the preceding quarter ending March 2023 where the net profit stood at ₹3,387.39 crore. Sales figures also experienced a sizeable drop, down by 81.43% to ₹9.77 crore from the previous year.

The fiscal year ending in March 2024 saw a 75.36% decline in net profit for IDFC, totaling ₹1045.58 crore, contrasting with the previous fiscal year ending in March 2023 where the net profit was ₹4243.89 crore. Additionally, sales for the fiscal year ending in March 2024 showed a notable decrease of 57.39%.

IDFC’s subsidiary, IDFC FIRST Bank, reported a 10% decrease in net profit amounting to ₹724 crore for Q4FY24 compared to the previous year. Despite this decline, the bank noted an increase in interest income, reaching ₹8,219 crore for the period spanning January to March 2024, up from ₹6,424 crore in the corresponding quarter of the previous year.

In the same quarter, IDFC FIRST Bank saw a 24% growth in Net Interest Income (NII), rising to ₹4,469 crore from ₹3,597 crore in Q4 FY23. The bank also experienced a decrease in gross non-performing assets (NPAs) to 1.88% of gross advances as of March 31, 2024, down from 2.51% at the end of March 2023. Net NPAs were also reduced to 0.60% by the end of the fiscal year 2024.

Rachel Adams

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