IDFC First Bank on April 29 reported a stand-alone net profit of Rs 803 crore in the March quarter (Q4FY23), a massive jump of 134% to Rs 803 crore from Rs 343 crore a year earlier. Net profit increased by 32.7% quarter-on-quarter.

The bank’s net interest income rose 35% year-on-year to Rs 3,597 crore from Rs 2,669 crore in Q4FY22. Moreover, the bank’s core operating profit rose 61% year-on-year to Rs 1,342 crore.

“We have established a solid foundation for the bank with diversified customer deposits and a diversified loan book. We have achieved our highest ever quarterly profit,” said V Vaidyanathan, MD and CEO of IDFC FIRST Bank.

The gross non-performing assets (NPA) ratio fell to 2.51% from 2.96% in the previous quarter and 3.70% in Q4FY22, IDFC First Bank said in an exchange filing. The net non-performing loan ratio also fell to 0.86% from 1.03% QoQ and 1.53% YoY, indicating improved asset quality.

Vaidyanathan added: “If we exclude the infrastructure finance book, which is in a dilapidated state anyway, the gross and net NPAs at the bank-wide level are 1.84% and 0.46%, respectively.”

For the full FY23, provisions fell 46% YoY to Rs 1,665 crore. Credit costs came in at 1.16%, above the guidance of 1.5%.

ROA (return on assets) improved from 0.08% in FY22 to 1.13% in FY23, the bank said in a release that ROE (return on equity) improved from 0.75% in FY22 to 10.95%.