IDFC First Bank on Saturday posted a 73% decline in its standalone profit to ₹11,746 crore in the second quarter ended in September 2024.
The private sector lender had earned a net profit of ₹751 crore in the same quarter a year ago.
However, total income increased to ₹10,684 crore during the quarter under review against Rs 8,786 crore in the same period last year, IDFC First Bank said in a regulatory filing.
The bank reported interest income of ₹8,957 crore during the quarter compared to ₹7,356 crore in the same period a year ago.
Provisions for Q2 FY25 stood at ₹1,732 crore, primarily on account of prudent provisioning buffer of ₹568 crore, the bank said in a statement.
Net Interest Income (NII) improved to ₹4,788 crore, from ₹3,950 crore in the second quarter of the previous year. As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 1.92% of the gross loans by the end of September 2024 from 2.11% a year ago.
Similarly, net NPAs or bad loans moderated to 0.48% from 0.68% at the end of the second quarter of the previous fiscal.
Published – October 27, 2024 02:44 am IST
