IDFC First Bank on Saturday reported a 73 per cent decline in its standalone profit to Rs 11,746 crore in the second quarter ended September 2024.
The private sector lender made a net profit of Rs 751 crore in the year-ago quarter.
However, total revenue rose to Rs 10,684 crore during the quarter under review, up from Rs 8,786 crore in the same period last year, IDFC First Bank said in a regulatory filing.
The bank reported interest income of Rs 8,957 crore during the quarter, compared to Rs 7,356 crore in the year-ago period.
Provisions for Q2FY25 stood at Rs 1,732 crore, primarily due to a prudent provision cushion of Rs 568 crore, the bank said in a statement.
Net interest income (NII) improved to Rs 4,788 crore, from Rs 3,950 crore in the second quarter of the previous year. On the asset quality front, the bank witnessed improvement with gross non-performing assets (NPA) declining to 1.92 per cent of gross loans at the end of September 2024 from 2.11 per cent ago. one year.
Similarly, net doubtful or non-performing loans moderated to 0.48 percent from 0.68 percent at the end of the second quarter of the previous fiscal year.
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