IDFC First bank shares decline nearly 8%; hit 52-week low after disappointing December quarter earnings

IDFC First Bank on Saturday reported a 53% decline in net profit at Rs 339 crore for the third quarter ended December 2024 on increased provisions due to higher slippages of loans.

New Delhi: Shares of IDFC First Bank declined nearly 8 per cent on Monday morning after the firm posted a 53 per cent decline in net profit at Rs 339 crore for the third quarter ended December 2024 on increased provisions due to higher slippages of loans.

The company's stock plunged 7.7 per cent each to hit a 52-week low of Rs 57.45 and Rs 57.46 apiece on both NSE and BSE, respectively.

IDFC First Bank on Saturday reported a 53 per cent decline in net profit at Rs 339 crore for the third quarter ended December 2024 on increased provisions due to higher slippages of loans.

The private sector lender had earned a net profit of Rs 716 crore in the same quarter a year ago.

However, the total income increased to Rs 11,123 crore during the quarter from Rs 9,396 crore in the same period a year ago, IDFC First Bank said in a regulatory filing.

Interest income increased to Rs 9,343 crore from Rs 7,879 crore a year ago, it added.