IDFC First Bank Q3 profit more than doubles to Rs 281 crore

New Delhi: IDFC First Bank on Saturday reported more than two-fold increase in net profit to Rs 281 crore for the third quarter ended on December 31, 2021.

The private sector bank had reported a net profit of Rs 130 crore for the October-December period of 2020-21.

However, total income during the quarter declined to Rs 5,197.79 crore from Rs 4,711.72 crore in the same period of the previous fiscal, IDFC First Bank said in a regulatory filing.

"NII grew by 36 per cent on a YoY basis to reach Rs 2,580 crore in Q3-FY22. NIM stood at 5.90 per cent excluding interest income pertaining to prior period for one telecom account. Including the same, NIM is at 6.18 per cent for the quarter," it said.

The bank's asset quality improved as gross non-performing assets (NPAs) or bad loans rose to 3.96 per cent of the gross advances as of December 31, 2021 as against 1.33 per cent by the same period a year ago.

Similarly, the net NPAs improved to 1.74 per cent from 0.33 per cent in the third quarter of previous fiscal.

Provisions other than tax were lower by 32 per cent to Rs 392 crore as against Rs 461.57 crore in the same quarter a year.

Capital Adequacy Ratio of the bank stood at 15.38 per cent with CET-1 Ratio at 14.83 per cent.

"The business conditions are normalising. We are seeing strong growth in credit once again; our home loan business has grown by 44 per cent year-on-year. For the last three years, we have been laying a strong foundation by building a strong deposit base, increasing," IDFC First Bank CEO V Vaidyanathan said.