New Delhi, October 31, 2023.

IDFC First Bank reported a net profit of Rs 751 crore for the quarter ended September 30 which was up 35% year-on-year versus Rs 556 crore reported by the company in the corresponding quarter of the previous financial year.

The standalone core operating profit grew 38% YOY from Rs 1,052 crore in Q2FY23 to Rs 1,456 crore for Q2FY24. The net interest income (NII) grew 32% YoY from Rs 3,002 crore in Q2FY23 to Rs 3,950 crore in Q2FY24.

The net interest margin was 6.32% in Q2FY24 as compared to 5.83% in Q2FY23 and 6.33% in Q1FY24.

The fee and other income grew by 46% YoY from Rs 945 crore in Q2FY23 to Rs 1,376 crore in Q2FY24. The retail fees constitute 93% of the overall fees for the quarter Q2FY24.

The consolidated net profit was up over 2% quarter on quarter. The private lender had reported a profit after tax (PAT) of Rs 731.51 crore in the June ended quarter.

On a consolidated basis, PAT stood at Rs 746.85 crore for the quarter ended September 30 which was up 31.6% YoY versus Rs 567.19 crore reported by the company in the corresponding quarter of the previous financial year.

The total consolidated income for the reporting quarter stood at Rs 8,765.81 crore which was up 34.2% YoY as against Rs 6,531.16 crore reported by the company in the year-ago period. In the June ended quarter the bank had reported the total revenue at Rs 8,232.47 crore.

The interest earned by IDFC First Bank during the quarter under review stood at Rs 7,356.27 crore, which was up over 34% YoY from 5,469.76 crore in the year-ago period. In June ended quarter, the interest earned by the company stood at Rs 6,868.86 crore.