IDFC First Bank Shares Dive Amid Profit Decline

IDFC First Bank's shares fell by nearly 8% after revealing a 53% drop in net profit for Q3 2024 due to increased loan provisions. Despite this, total income rose, driven by higher interest income.

IDFC First Bank witnessed a sharp decline in its stock value, almost 8% lower on Monday, following a substantial 53% fall in net profit for the third quarter of 2024. This plunge is attributed to heightened provisions linked to an increase in loan slippages.

The lender's shares marked a 52-week low at Rs 57.45 on NSE and Rs 57.46 on BSE. In comparison to the corresponding quarter from last year when the net profit stood at Rs 716 crore, the recent figure starkly contrasts at Rs 339 crore.

Amid these challenges, IDFC First Bank reported an increase in total income, reaching Rs 11,123 crore, up from Rs 9,396 crore the previous year, with interest income also climbing to Rs 9,343 crore from Rs 7,879 crore.

(With inputs from agencies.)