IDFC First Bank’s annual net profit at T2FY22 up 50%

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Bombay, October 30 (IANS): Private lender IDFC First Bank on Saturday announced a 50% increase in net income to T2FY22 year-on-year.

According to the bank, its net profit during the period under review rose to Rs 152 crore against Rs 101 crore at T2FY21.

In addition, the bank’s net interest income increased 27% year-on-year to Rs 2,272 crore in T2FY22.

The net interest margin increased to 5.76% in T2FY22 from 4.91% in T2FY21.

In addition, the bank’s GNPA and NNPA were 4.27% and 2.09% respectively.

GNPA and NNPA sequentially reduced by 35 bps and 23 bps, respectively

IDFC First Bank Managing Director and CEO V. Vaidyanathan said: “We are seeing a strong recovery in the economy and strong demand for home loans, home loans, MSMEs and consumer loans. . “

“The personal loan portfolio is now very diversified across more than 10 lines of business and millions of customers. In addition, the quality of the deposit franchise has also improved considerably; our “CASA ratio” remained above 50%, even after the rate cut. “

“When it comes to asset quality, we are confident that we will soon return to the pre-Covid levels of gross and net PAD of 2% and 1% again in retail, as shown by improving performance. input metrics such as check / money order reimbursement percentages, collection efficiency and collections. Looking ahead, we’re pretty confident. “


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