NEW DELHI New Delhi: IDFC First Bank on Saturday reported a 73 per cent decline in its standalone profit to Rs 11,746 crore in the second quarter ended September 2024. The private sector lender had posted a profit of Rs 751 crore in the same quarter a year ago. However, total income rose to Rs 10,684 crore during the quarter under review, compared to Rs 8,786 crore in the same period last year, IDFC First Bank said in a regulatory filing. The bank recorded interest income of Rs 8,957 crore during the quarter, compared to Rs 7,356 crore in the same period a year ago.
Provisions for Q2FY25 stood at Rs 1,732 crore, mainly due to prudential provision buffer of Rs 568 crore, the bank said in a statement. Net interest income (NII) stood at Rs 3,950 crore for Q2FY25 last year. It increased from Rs to Rs 4,788 crore. In terms of asset quality, the bank saw an improvement in gross non-performing assets (NPAs) to 1.92 per cent of gross loans by the end of September 2024 from 2.11 per cent a year ago. Similarly, net NPA or bad loans declined to 0.48 per cent from 0.68 per cent at the end of the second quarter of the last financial year.
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