IDFC First Bank zooms 10% on reporting highest-ever profit

The bank's NII grew by 26 per cent YoY, and the asset quality also improved considerably.

IDFC First Bank zoomed 10 per cent to a high of Rs 41.30 in intra-day trades on Monday after the private sector bank reported a strong set of earnings in Q1FY23. 

For the quarter ended June 2022, the bank recorded its highest-ever standalone profit at Rs 474.33 crore as against a net loss of Rs 630 crore in corresponding quarter a year ago. Net interest income grew by 26 per cent to Rs 2,751.1 crore YoY, with 39 bps YoY improvement in net interest margin at 5.89 percent.

At 10:20 AM, the stock quoted 9.2 per cent higher at Rs 41 with