{"id":19319,"date":"2023-01-22T12:35:00","date_gmt":"2023-01-22T07:05:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/"},"modified":"2023-01-22T12:30:42","modified_gmt":"2023-01-22T07:00:42","slug":"biz-results-idfcbank","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/","title":{"rendered":"IDFC First Bank Q3 Results: Net profit doubles to Rs 605 cr YoY"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2168802430\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4123033286\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22.<\/p><p>The bank&#8217;s total income increased to Rs 7,064.30 crore in the third quarter this fiscal from Rs 5,197.79 crore in the corresponding quarter of 2021-22, IDFC First Bank said in a stock exchange filing.<\/p><p>The bank further said customer deposits increased by 44 per cent from Rs 85,818 crore as of December 31, 2021, to Rs 1,23,578 crore at end-December 31, 2022.<\/p><div class=\"trade-content_5\" id=\"trade-3269573167\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>CASA deposits grew by 39 per cent year-on-year from Rs 47,859 crore as of December 2021 to Rs 66,498 crore as of December 2022.<\/p><p>On the asset quality, it said the gross NPA improved from 3.96 per cent at end-December 2021 to 2.96 per cent as of December 2022.<\/p><p>The Net NPA at quarter ending December 2022 improved to 1.03 per cent from 1.74 per cent in the year-ago quarter.<\/p><p>Net interest income (NII) grew 27 per cent year-on-year from Rs 2,580 crore in the third quarter of 2021-22 to Rs 3,285 crore in October-December quarter of the current fiscal.<\/p><p>Fee and other income grew by 50 per cent annually to Rs 1,117 crore in the quarter ending December 2022.<\/p><p>&#8220;&#8230; we have registered our highest ever profit of Rs 605 crore in Q3-FY23 and our return on equity has now moved firmly into double digits,&#8221; said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.<\/p><div class=\"trade-content-10\" id=\"trade-1541318529\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>He further said a strong foundation has been built for the bank with CASA ratio at 50 per cent and strong retail deposit franchise contributing 77 per cent of the overall customer deposits.<\/p><p>Net profit for the nine months of 2022-23 increased to Rs 1,635 crore from net loss of Rs 197 crore in April-December 2021-22.<\/p><p>The bank further said while the core operating income (NII plus fees, excluding trading gains) grew 32 per cent to Rs 4,402 crore in the December quarter of 2022-23, the operating expense grew slower than income growth at only 23 per cent, thus resulting in improved operating leverage.<\/p><p>Consequently, the Core Operating Profit (excluding trading gains) grew by 64 per cent year-on-year to Rs 1,225 crore for the October-December quarter of 2022-23. PTI NKD DP MR<\/p><div class=\"trade-after-content\" id=\"trade-905449858\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income. The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22. The bank&#8217;s total income increased to Rs 7,064.30 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":19328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31],"tags":[],"class_list":["post-19319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-results","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IDFC First Bank Q3 Results: Net profit doubles to Rs 605 cr YoY - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IDFC First Bank Q3 Results: Net profit doubles to Rs 605 cr YoY\" \/>\n<meta property=\"og:description\" content=\"IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-22T07:05:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/01\/IDFC-Cover-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/01\/IDFC-Cover-Image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-results-idfcbank\/\",\"name\":\"IDFC First Bank Q3 Results: Net profit doubles to Rs 605 cr YoY - 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