Business EconomyPosted at: Jul 30 2022 6:35PM

IDFC First Bank reports Rs 474 crore profit in Q1

New Delhi, July 30 (UNI) 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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