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IDFC First Bank Q3FY24 net profit grows 18% to Rs 716 cr

IDFC First Bank Q3FY24 net profit grows 18% to Rs 716 cr

| @indiablooms | 21 Jan 2024, 08:53 pm

Mumbai: IDFC First Bank, a private sector lender, announced a net profit of Rs 715.68 crore for the October-December quarter of the financial year 2023-24, growing 18.37 percent from Rs 605 crore in the corresponding period of the previous year.

The bank's gross non-performing asset (NPA) was reported at 2.04 percent, showing a decline from the 2.96 percent recorded in the same quarter the previous year.

Conversely, the net NPA for the quarter stood at 0.68 percent, reflecting an increase from the 1.03 percent recorded on a year-on-year basis.

The bank reported growth in its CASA (Current Account and Savings Account) deposits, which increased by 28.6 percent year-on-year, rising from Rs. 66,498 crores as of December 31, 2022, to Rs. 85,492 crores as of December 31, 2023.

The CASA Ratio, a measure of the proportion of CASA deposits to total deposits, stood at 46.8 percent as of December 31, 2023.

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