IDFC net profit witnessed a significant decline of 89.73% to ₹347.85 crore in the quarter ending March 2024, compared to ₹3,387.39 crore recorded in the preceding quarter ending March 2023.
IDFC’s net profit witnessed a significant decline of 89.73% to ₹347.85 crore in the quarter ending March 2024, compared to ₹3,387.39 crore recorded in the preceding quarter ending March 2023.
Similarly, sales experienced a notable drop of 81.43% to ₹9.77 crore in the quarter ending March 2024, in contrast to ₹52.60 crore reported in the previous quarter ending March 2023.
In the fiscal year ending in March 2024, there was a significant 75.36% decline in net profit for the full year, amounting to ₹1045.58 crore, compared to ₹4243.89 crore recorded in the previous fiscal year ending in March 2023.
Additionally, sales experienced a notable decrease of 57.39%, dropping to ₹65.54 crore in the fiscal year ending in March 2024 from ₹153.83 crore in the previous fiscal year ending in March 2023.
Its subsidiary company IDFC First Bank also announced its financial results for the quarter that ended on March 31, 2024, on Saturday, May 4. The bank witnessed a 10% decrease in net profit, amounting to ₹724 crore for Q4FY24, as opposed to ₹803 crore recorded a year earlier. This decline in Q4 profit can be attributed to a significant increase in provisions.
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IDFC FIRST Bank reported an increase in its interest income to ₹8,219 crore for the period spanning January to March 2024, compared to ₹6,424 crore in the corresponding quarter of the previous year.
The bank also witnessed a 24 percent growth in its Net Interest Income (NII) to ₹4,469 crore in Q4 FY24, up from ₹3,597 crore in Q4 FY23.
Furthermore, IDFC FIRST Bank noted a decline in gross non-performing assets (NPAs) to 1.88 percent of gross advances as of March 31, 2024, down from 2.51 percent at the end of March 2023.
Additionally, the bank’s net NPAs reduced to 0.60 percent by the end of 2024, compared to 0.86 percent previously.
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