IDFC First Bank Shares Tumble After Profit Decline

Shares of IDFC First Bank fell by 9% following a reported 53% decline in net profit for December quarter 2024, primarily due to increased loan slippages. Despite the profit drop to Rs 339 crore, total income rose to Rs 11,123 crore. Trading volumes were high on both NSE and BSE.

IDFC First Bank's shares witnessed a significant drop of 9% on Monday after the private sector bank reported a 53% decline in its net profit for the December 2024 quarter. The company's net profit fell to Rs 339 crore, down from Rs 716 crore in the same period a year earlier, driven by increased provisions due to higher slippages of loans.

The bank's stock concluded the day's trading at Rs 56.76 on the BSE, registering an 8.85% decline, while on the NSE, it closed down 8.62% at Rs 56.90. During intraday trading, shares dipped over 9%, marking a 52-week low, but trading volumes were robust on both exchanges with 10.17 crore equity shares changing hands on NSE and 95.19 lakh shares on the BSE.

Meanwhile, the broader market also faced pressure as the BSE Sensex fell by 824.29 points, or 1.08%, to end at 75,366.17, while the Nifty index fell by 263.05 points, or 1.14%, to close at 22,829.15. Despite the profit decline, IDFC First Bank reported an increase in total income to Rs 11,123 crore, up from Rs 9,396 crore a year ago, supported by a rise in interest income to Rs 9,343 crore.

(With inputs from agencies.)