The bank’s capital adequacy ratio increased to 16.54 percent, compared to 14.63 percent at the end of September 2022
IDFC First Bank on Saturday reported a 35 per cent rise in net profit to Rs 751 crore in the second quarter ended September, driven by operating income.
The lender had posted a net profit of Rs 556 crore in the year-ago period.
Total revenues in the second quarter of the current fiscal rose to Rs 8,786 crore from Rs 6,531 crore in the same period a year ago, IDFC First Bank said in a regulatory filing.
The bank’s net interest income (NII) improved by 32 percent to Rs 3,950 crore, against Rs 3,002 crore in September 2022.
The net interest margin increased to 6.32 percent at the end of September 2023, from 5.83 percent at the end of the second quarter of last year.
The bank’s asset quality showed an improvement as gross non-performing assets (NPAs) declined to 2.11 percent of gross advances at the end of the September quarter, compared to 3.18 percent a year past.
Similarly, net NPAs or bad loans fell to 0.68 per cent from 1.09 per cent in the same period a year ago.
The bank’s provision coverage ratio (including technical depreciation) increased from 76.49 percent on September 30, 2022 to 84.09 percent on September 30, 2023.
The standard restructured portfolio as a percentage of total funded assets improved to 0.38 percent from 1.03 percent as of September 30, 2022.
The bank’s capital adequacy ratio increased to 16.54 percent, compared to 14.63 percent at the end of September 2022.
During the first week of October 2023, the bank raised Rs 3,000 crore from a range of investors through qualified institutional placement (QIP) at an issue price of Rs 90.25 per share, they added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: October 28, 2023 | 6:19 PM IST