<p>IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income.</p>.<p>The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22.</p>.<p>The bank's total income increased to Rs 7,064.30 crore in the third quarter this fiscal from Rs 5,197.79 crore in the corresponding quarter of 2021-22, IDFC First Bank said in a stock exchange filing.</p>.<p>The bank further said customer deposits increased by 44 per cent from Rs 85,818 crore as of December 31, 2021, to Rs 1,23,578 crore at end-December 31, 2022.</p>.<p>CASA deposits grew by 39 per cent year-on-year from Rs 47,859 crore as of December 2021 to Rs 66,498 crore as of December 2022.</p>.<p>On the asset quality, it said the gross NPA improved from 3.96 per cent at end-December 2021 to 2.96 per cent as of December 2022.</p>.<p>The Net NPA at quarter ending December 2022 improved to 1.03 per cent from 1.74 per cent in the year-ago quarter.</p>.<p>Net interest income (NII) grew 27 per cent year-on-year from Rs 2,580 crore in the third quarter of 2021-22 to Rs 3,285 crore in October-December quarter of the current fiscal.</p>.<p>Fee and other income grew by 50 per cent annually to Rs 1,117 crore in the quarter ending December 2022.</p>.<p>"... we have registered our highest ever profit of Rs 605 crore in Q3-FY23 and our return on equity has now moved firmly into double digits," said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.</p>.<p>He further said a strong foundation has been built for the bank with CASA ratio at 50 per cent and strong retail deposit franchise contributing 77 per cent of the overall customer deposits.</p>.<p>Net profit for the nine months of 2022-23 increased to Rs 1,635 crore from net loss of Rs 197 crore in April-December 2021-22.</p>.<p>The bank further said while the core operating income (NII plus fees, excluding trading gains) grew 32 per cent to Rs 4,402 crore in the December quarter of 2022-23, the operating expense grew slower than income growth at only 23 per cent, thus resulting in improved operating leverage.</p>.<p>Consequently, the Core Operating Profit (excluding trading gains) grew by 64 per cent year-on-year to Rs 1,225 crore for the October-December quarter of 2022-23.</p>
<p>IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income.</p>.<p>The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22.</p>.<p>The bank's total income increased to Rs 7,064.30 crore in the third quarter this fiscal from Rs 5,197.79 crore in the corresponding quarter of 2021-22, IDFC First Bank said in a stock exchange filing.</p>.<p>The bank further said customer deposits increased by 44 per cent from Rs 85,818 crore as of December 31, 2021, to Rs 1,23,578 crore at end-December 31, 2022.</p>.<p>CASA deposits grew by 39 per cent year-on-year from Rs 47,859 crore as of December 2021 to Rs 66,498 crore as of December 2022.</p>.<p>On the asset quality, it said the gross NPA improved from 3.96 per cent at end-December 2021 to 2.96 per cent as of December 2022.</p>.<p>The Net NPA at quarter ending December 2022 improved to 1.03 per cent from 1.74 per cent in the year-ago quarter.</p>.<p>Net interest income (NII) grew 27 per cent year-on-year from Rs 2,580 crore in the third quarter of 2021-22 to Rs 3,285 crore in October-December quarter of the current fiscal.</p>.<p>Fee and other income grew by 50 per cent annually to Rs 1,117 crore in the quarter ending December 2022.</p>.<p>"... we have registered our highest ever profit of Rs 605 crore in Q3-FY23 and our return on equity has now moved firmly into double digits," said V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank.</p>.<p>He further said a strong foundation has been built for the bank with CASA ratio at 50 per cent and strong retail deposit franchise contributing 77 per cent of the overall customer deposits.</p>.<p>Net profit for the nine months of 2022-23 increased to Rs 1,635 crore from net loss of Rs 197 crore in April-December 2021-22.</p>.<p>The bank further said while the core operating income (NII plus fees, excluding trading gains) grew 32 per cent to Rs 4,402 crore in the December quarter of 2022-23, the operating expense grew slower than income growth at only 23 per cent, thus resulting in improved operating leverage.</p>.<p>Consequently, the Core Operating Profit (excluding trading gains) grew by 64 per cent year-on-year to Rs 1,225 crore for the October-December quarter of 2022-23.</p>