IDFC First Bank's Q2 Profits Plummet by 73%

IDFC First Bank reported a significant decline in standalone profit by 73% to Rs 11,746 crore for the second quarter of 2024. Despite this, the bank's total income rose to Rs 10,684 crore. Asset quality improved with a reduction in gross and net Non-Performing Assets.

IDFC First Bank reported a startling 73% decline in its standalone profit for the second quarter ending September 2024, with profits reaching Rs 11,746 crore, as per a recent financial disclosure.

Notably, the private sector bank's net profit stood at Rs 751 crore during the same quarter last year. In contrast, IDFC First Bank's total income saw an increase to Rs 10,684 crore, compared to Rs 8,786 crore in the equivalent timeframe last year.

The bank also reported an interest income hike to Rs 8,957 crore, up from Rs 7,356 crore a year earlier. Enhanced asset quality was marked by a reduction in gross Non-Performing Assets to 1.92%, a noteworthy improvement from the previous year's 2.11%.

(With inputs from agencies.)