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Mumbai (Maharashtra) [India], May 2 (/BusinessWire India): Executive Summary - The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the audited financial results for the quarter and financial year ended March 31, 2023. The key highlights were:Profit after Tax increased to Rs 2,437 crore for FY 23, up from Rs 145 crores in FY 22. Profit after Tax for Q4-FY23 was at Rs 803 crore, up 134% as compared to Q4-FY22. Customer deposits were at Rs 1,36,812 crore, up 47% YOY. Loans & Advances* were at Rs 1,60,599 crore, up 24% YOY. Asset quality improved with Gross NPA at 2.51% and Net NPA at 0.86%. Asset quality for retail loans improved with Gross NPA of 1.65% and Net NPA of 0.55%. Capital adequacy was strong at 16.82%* Bank's Gross and Net NPA excluding the infrastructure financing book which is a rundown mode, is 1.84% and 0.46% respectively.^ Including technical write-offs; * including credit substitutesProfitability* Net Profit for the year stood at Rs 2,437 crore compared to Rs 145 crore in FY22. The quarterly net profit grew 134% YOY from Rs 343 crore in Q4-FY22 to Rs 803 crore in Q4-FY23 driven by strong growth in core operating income.* In Q4-FY23, the Bank had trading gains of Rs 216 crore and the Bank utilized Rs 79 crore to increase the provision coverage ratio. Adjusting for these one time items, the net profit of the Bank would have been Rs 701 crore for Q4-FY23. The Core ROE on this basis would have been 12.3% which has increased from ROE of 6.67% for Q4 FY 22.* Net Interest Income (NII) for the year grew 30% YOY, from Rs 9,706 crore in FY22 to Rs 12,635 crore in FY23. NII grew 35% YOY from Rs 2,669 crore in Q4-FY22 to Rs 3,597 crore in Q4-FY23.* Fee and other Income for the year grew by 54% YOY from Rs 2,691 crore in FY22 to Rs 4,142 crore in FY23. It grew 40% YOY from Rs 841 crore in Q4-FY22 to Rs 1,181 crore in Q4-FY23. Retail fees constituted 91% of the overall fees for the quarter Q4-FY23.* Core Operating Profit (NII plus Fees less Opex, excluding trading gains) for the year grew 67% YOY from Rs 2,753 crore in FY22 to Rs 4,607 crore in FY23. For the quarter, the core operating profit grew by 61% YOY from Rs 836 crore in Q4-FY22 to Rs 1,342 crore in Q4-FY23.* Provisions for the year decreased by 46% YOY from Rs 3,109 crore in FY22 to Rs 1,665 crore in FY23. Credit cost for FY23 was 1.16% against the guidance of 1.5%.* ROA improved from 0.08% in FY22 to 1.13% in FY23.* ROE for FY 23 improved to 10.95% from 0.75% in FY22.* For the exit quarter, after adjusting for one-time items, RoA increased from 0.76% in Q4-FY22 to 1.23% in Q4-FY23. The ROE increased from 6.67% in Q4 FY 22 to 12.30% in Q4 FY 23.Comments from Managing Director & CEOV Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, "We have built a strong foundation for the bank with a diversified customer deposits and diversified loan book.More importantly, I'm happy to share that the asset quality remains high. On the retail side, the Gross NPA is 1.65% and the net NPA is at 0.55%, against the guidance of Gross NPA of 2.0% and NNPA of less than 1%. If we exclude the infrastructure financing book, which is anyway in run-down mode, the Gross NPA and Net NPA would be 1.84% and 0.46% at the overall bank level.We have registered our highest ever quarterly profit of Rs. 803 crores in Q4 FY 23 and highest ever yearly profit of Rs. 2,437 crores in FY23.We sincerely thank all our stakeholders for their goodwill towards us even while we were building the foundation with a strong deposit franchise and CASA of nearly 50%. Now the bank is firmly into profits, and we believe we can deliver strong financial performance from here on. The Bank would continue to focus on building a strong culture of customer friendliness, customer service, ethics, and high levels of corporate governance in the bank."This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (/BusinessWire India)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Mumbai (Maharashtra) [India], May 2 (/BusinessWire India): Executive Summary - The Board of Directors of IDFC FIRST Bank, in ... ...