IDFC First Bank's Q1 net profit more than doubles to ₹1,075 Crore, asset quality improves

IDFC First Bank reported its first quarter earnings on Saturday, July 25.

The lender's net profit more than doubled to ₹1,075 crore from ₹465 crore in the year-ago period.

Its net interest income (NII) in the first quarter increased 21.1% to ₹5,972.3 crore from ₹4,933 crore last year.

The lender's asset quality improved as well.

Its gross non-performing assets (NPA) contracted to 1.51% from 1.61% sequentially, while its net NPA reduced to 0.44% from 0.48%.

Its provisions were at 1,144 crore in the first quarter compared to ₹1,659 crore last fiscal.

The lender had also received ₹514.82 crore under CGFMU scheme from the NCGTC in the first quarter, amount booked under provisions and contingenices.

Shares of IDFC First Bank ended the previous session 1.3% up at ₹80.95 apiece. The stock has declined 5.4% this year, so far.

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