The Board of Directors of IDFC FIRST Bank, in its meeting held approved the audited financial results for the quarter and financial year ended March 31, 2023. The key highlights were: Profit after Tax increased to Rs. 2,437 crore for FY 23, up from Rs. 145 crores in FY 22. Q4-FY23 was at Rs. 803 crore, up 134% as compared to Q4-FY22.
Customer deposits were at Rs. 1,36,812 crore, up 47% YOY. Loans & Advances were at Rs. 1,60,599 crore, up 24% YOY. Asset quality improved with Gross NPA at 2.51% and Net NPA at 0.86%. Capital adequacy was strong at 16.82%. Net Interest Income (NII) for the year grew 30% YOY, from Rs. 9,706 crore in FY22 to Rs. 12,635 crore in FY23. Fee and other Income for the year grew by 54% YOY, from Rs. 2,691 crore in FY22 to Rs. 4,142 crore in FY23.
Core Operating Profit (NII plus Fees less Opex, excluding trading gains) for the year grew 67% YOY from Rs. 2,753 crore in FY22 to Rs. 4,607 crore in FY23. Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “If we exclude the infrastructure financing book, which is anyway in run-down mode, the Gross NPA and Net NPA would be 1.84% and 0.46% at the overall bank level.”
