IDFC First Bank is on a fantastic run today. The stock, which had closed on Friday at Rs.61.57, opened higher today at Rs.64 and rose to hit a 2-year high at Rs.65.20.
The Bank reported a super duper performance for Q4FY23. It posted a whopping 134% (YoY) jump in standalone PAT at Rs.803 crore – the highest quarterly profit ever.
Its NII was up 35% at Rs.3597 crore. The market was more enthused about its improving asset quality. Gross NPA for the quarter bettered to 2.51% from 3.7% while Net NPA also came down from 1.53% to 0.86%. Its provisions for entire FY23 came down to Rs.1665 crore, a decrease of 46%.
The Bank ended FY23 with its highest annual profit ever at Rs.2437 crore. The bank's ROA improved from 0.08% in FY22 to 1.13% in FY23, while ROE for FY23 improved to 10.95% from 0.75% in FY22.
The NII for FY23 was up 30% at Rs.12,635 crore while fee and other income rose 54% at Rs.4,142 crore.