IDFC First Bank announced Q1FY23 results: Net Profit grew to Rs. 474 crore in Q1FY23 from Net Loss of Rs. 630 crore in Q1FY22 NII grew by 26% on a YoY basis to reach Rs. 2,751 crore in Q1FY23 Net Interest Margin improved to 5.89% in Q1FY23 from 5.50% in Q1FY22 Fee and Other Income grew by 100% YoY to reach Rs. 899 crore in Q1FY23 Core operating income (excl. trading gains) grew by 39% YoY to Rs. 3,650 crore in Q1FY23 Core operating profit (excl. trading gains) grew by 64% YoY and by 18% QoQ to reach Rs. 987 crore Provisions other than tax were lower by 84% YoY basis at Rs. 308 crore in Q1FY23 at 0.9% (annualized) of average funded assets. Mr. V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “We have built a strong foundation for the bank, on the basis of which we can grow the loan book, deposits and profits comfortably from here on in a steady manner. We have seen a steady growth of over 20% YoY, both on the lending side as well as the deposits side in Q1 FY 23. Our ex treasury core operating profit has grown by 64% to touch nearly Rs. 1000 crores, which is a key landmark for us. We have posted the highest ever Profit after Tax of Rs. 474 crores in Q1 FY 23. Our return on assets has nearly touched 1% and we expect it to rise from here. We are happy that even post the pandemic, our retail Gross NPA and Net NPA has reverted to 2.1% and 0.9% respectively which is our long-term experience. More importantly, the retail asset quality has normalized sooner than our earlier guidance of March 2023.” Result PDF