IDFC First Bank shares: Recently, IDFC First Bank shared its results for the three months ending December 2023.
The bank mentioned that its profit for the December quarter increased by 18%, reaching Rs 716 crore, compared to Rs 605 crore a year ago.
Additionally, the net interest income (NII) rose by 30% to Rs 4,287 crore in the third quarter, up from Rs 3,286 crore in the same period last year.
Charges and other income also increased by 32% to Rs 1,469 crore in the December quarter.
The bank saw a significant rise in provisions during the December quarter, with a 46% annual increase to Rs 654 crore, up from Rs 450 crore in the same period last year.
Share Price: At the end of Saturday’s trading, the share price closed at Rs 87.67, showing a 2.27% increase.
The share reached Rs 87.90 during the trading session. It’s worth noting that the share’s 52-week high was Rs 100.74, which occurred in September of the previous year.
As of December 2023, the promoters hold a 37.45% stake in the bank, while public shareholding is at 62.55%.
It’s important to mention that these figures are from December 2023, as earlier, till October, the promoter’s stake was 37.51%.
Asset Quality: The bank’s gross non-performing assets (NPAs) improved from 2.96% in December 2022 to 2.04% in December 2023.
Similarly, net NPAs improved by 0.68% to Rs 1.76 lakh crore at the end of the December quarter.
The bank’s capital adequacy remains strong at 16.73% at the close of the third quarter.
Stock Market Closure: Indian stock markets were closed on Monday due to the consecration of the Ram temple in Ayodhya. The markets operated normally on Saturday, witnessing a decline in trading on that day.
