New Delhi: Driven by strong growth in core operating income and lower provisioning requirement, IDFC First Bank on Saturday reported net profit of Rs 474 crore for April-June quarter (Q1) of financial year 2022-23 as against net loss of Rs 630 crore in the same quarter last year.
Net interest income (NII) of the bank grew by 26% year-on-year to Rs 2,751 crore in Q1FY23, up from Rs 2,185 crore in Q1FY22.
As per a regulatory filing, provisions for the quarter was at Rs 308 crore in Q1FY23 as compared to Rs 1,872 crore in Q1FY22, a reduction of 84%.
The provisions for Q4-FY22 was Rs 369 crore.
"We have seen a steady growth of over 20% YoY, both on the lending side as well as the deposits side in Q1 FY 23. Our ex treasury core operating profit has grown by 64% to touch nearly Rs 1,000 crores, which is a key landmark for us. We have posted the highest ever Profit after Tax of Rs 474 crores in Q1 FY 23. Our return on assets has nearly touched 1% and we expect it to rise from here," said V Vaidyanathan, MD and CEO, IDFC FIRST Bank.
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