<p>Private sector lender IDFC First Bank on Saturday reported a 134 per cent jump in profit after tax (PAT) to Rs 803 crore for the March 2023 quarter, driven by strong growth in core operating income.</p>.<p>The bank's net profit was Rs 343 crore in the year-ago period.</p>.<p>"Net Profit for the year stood at Rs 2,437 crore compared to Rs 145 crore in FY22," the lender said in a statement.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/idfc-first-bank-q3-profit-doubles-to-rs-605-cr-1183291.html" target="_blank">IDFC First Bank Q3 profit doubles to Rs 605 cr</a></strong></p>.<p>The bank's core operating profit grew by 61 per cent year-on-year to Rs 1,342 crore. The bank has registered its highest-ever quarterly profit in Q4 FY23 and highest-ever yearly profit in 2022-23.</p>.<p>Net Interest Income (NII) for the year grew 30 per cent to Rs 12,635 crore in FY23 from Rs 9,706 crore in FY22.</p>.<p>On a quarterly basis, NII grew 35 per cent to Rs 3,597 crore in the January-March period of 2022-23 from Rs 2,669 crore in the fourth quarter of FY22.</p>.<p>Gross non-performing advances improved to 2.51 per cent in the fourth quarter from 3.7 per cent in the year-ago period, as per the bank's filing on BSE.</p>.<p>Similarly, net NPAs came down to 0.86 per cent compared to 1.53 per cent in the fourth quarter of 2021-22.</p>.<p>IDFC First Bank CEO and MD V Vaidyanathan said the bank's asset quality remains high. "We have registered our highest-ever quarterly profit of Rs 803 crore in Q4 FY23 and highest-ever yearly profit of Rs 2,437 crores in FY23," he said.</p>.<p>The bank further said customer deposits were at Rs 1,36,812 crore, up 47 year-on-year; and loans and advances were at Rs 1,60,599 crore, up 24 per cent. The bank's capital adequacy was at 16.82 per cent.</p>
<p>Private sector lender IDFC First Bank on Saturday reported a 134 per cent jump in profit after tax (PAT) to Rs 803 crore for the March 2023 quarter, driven by strong growth in core operating income.</p>.<p>The bank's net profit was Rs 343 crore in the year-ago period.</p>.<p>"Net Profit for the year stood at Rs 2,437 crore compared to Rs 145 crore in FY22," the lender said in a statement.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/idfc-first-bank-q3-profit-doubles-to-rs-605-cr-1183291.html" target="_blank">IDFC First Bank Q3 profit doubles to Rs 605 cr</a></strong></p>.<p>The bank's core operating profit grew by 61 per cent year-on-year to Rs 1,342 crore. The bank has registered its highest-ever quarterly profit in Q4 FY23 and highest-ever yearly profit in 2022-23.</p>.<p>Net Interest Income (NII) for the year grew 30 per cent to Rs 12,635 crore in FY23 from Rs 9,706 crore in FY22.</p>.<p>On a quarterly basis, NII grew 35 per cent to Rs 3,597 crore in the January-March period of 2022-23 from Rs 2,669 crore in the fourth quarter of FY22.</p>.<p>Gross non-performing advances improved to 2.51 per cent in the fourth quarter from 3.7 per cent in the year-ago period, as per the bank's filing on BSE.</p>.<p>Similarly, net NPAs came down to 0.86 per cent compared to 1.53 per cent in the fourth quarter of 2021-22.</p>.<p>IDFC First Bank CEO and MD V Vaidyanathan said the bank's asset quality remains high. "We have registered our highest-ever quarterly profit of Rs 803 crore in Q4 FY23 and highest-ever yearly profit of Rs 2,437 crores in FY23," he said.</p>.<p>The bank further said customer deposits were at Rs 1,36,812 crore, up 47 year-on-year; and loans and advances were at Rs 1,60,599 crore, up 24 per cent. The bank's capital adequacy was at 16.82 per cent.</p>