IDFC FIRST Bank Limited (NSE: IDFCFIRSTB) is a leading Indian private sector bank, providing a wide range of financial solutions to customers in the retail, small and medium enterprises (SME), corporate, and rural segments. The bank offers a range of banking and financial products, including savings and current accounts, fixed deposits, home and personal loans, credit cards, mutual funds, insurance, and other financial services.
For the quarter ending December 31, 2022, IDFC FIRST Bank reported a net profit of ₹616.61 crores, as compared to ₹290 crores in the same quarter of the previous year. The bank’s net interest income (NII) increased by 33% YoY to ₹5,911.89 crores, while its Other income grew by 50% YoY to ₹1,152.44 crores. This quarter’s earnings per share was ₹0.98. IDFC FIRST Bank’s asset quality improved during the quarter, with the gross non-performing assets (GNPAs) ratio declining from 2.92% in the previous quarter to 1.87% in Q3 FY23. The bank’s net NPA ratio also improved from 0.7% in Q2 FY23 to 1.28% in Q3 FY23.