IDFC First Bank Q4 net profit dips

(20 second reading) IDFC First Bank’s net profit declined by 10% to Rs.724 crore from Rs.803 crore in the year-ago quarter. Its provisions increased 50% from Rs. 482 crore in Q4FY23 to Rs.722 crore in Q4FY24 while net Interest Income (NII) for the quarter grew 24% to Rs.4,469 and core Pre-Provisioning Operating Profit (PPOP) for the quarter grew by 22% YoY to Rs.1,632 crore.

IDFC First Bank delivered a mixed quarter and net interest margin contracted 7 bps QoQ owing to which the outlook remains broadly stable.