IDFC First Bank reported a significant rise in net profit for the September quarter of FY27, with earnings jumping 196.9% year-on-year to Rs 1,045 crore from Rs 352 crore in the same quarter last year. This shows almost a triple increase. The bank’s net interest income (NII), which comes out after finding the difference between interest earned and interest paid, rose 21% year-on-year to Rs 6,185 crore from Rs 5,113 crore in the year-ago period.
Operating profit also witnessed strong growth, increasing 35.1% to Rs 2,539 crore in the second quarter from Rs 1,880 crore a year earlier. Provisions stood at Rs 1,137 crore, compared with Rs 1,452 crore in the year-ago quarter. On a sequential basis, provisions were marginally lower than Rs 1,144 crore reported in the previous quarter.
The bank also experienced an improvement in asset quality as Gross non-performing assets (NPA) declined to 1.32% in the September quarter from 1.51% in the June quarter. Net NPA fell to 0.40% from 0.44% over the same period.
IDFC First Bank’s capital adequacy ratio under Basel III stood at 14.67% as of September 30, reflecting its capital position at the end of the quarter.
All in all, the September quarter performance showed growth in net interest income and operating profit, alongside lower provisions compared with the year-ago period and an improvement in asset quality on a sequential basis.