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IDFC First Bank stock up over 30% in last one year; Read here 

IDFC First Bank shares have seen a 33% increase in the last one year, outperforming its sectoral index BSE Bankex which has gained 20%.

The bank reported 115% YoY growth in net profit in Q3FY23 to 605 crore from 281 crore in Q3FY22.

NII grew 27% YoY to 3,285 crore in the said quarter from 2,580 crore in the same quarter last year.

Core operating income (NII plus fees, excluding trading gains) grew 32% from 3,324 crore in Q3FY22 to 4,402 crore in Q3FY23.

Brokerage firms have a ‘buy’ call on the stock with a target price of rupees 70, a 27% upside from the stock's March 2 closing of rupees 55.16 on BSE.

The bank has reported 5 times growth in retail deposits over the past three years and improved the CASA (current account and savings account) mix to 50%.

The bank is focusing on growing its loan book through retail and commercial loans, which form 77% of funded assets and saw a 31% CAGR over Dec’20-Dec’22.

After the current preferential allotment of about 2,200 crore by its parent, their stake has increased to 40% from 36.4%.

According to a MintGenie poll, 10 analysts on an average have a ‘hold’ call on the stock.

Click here to know more about the stock. 

IDFC First Bank stock up over 30% in last one year; Read here

The bank reported strong numbers on most fronts including profitability, funded asset, customer deposits, capital adequacy, asset quality and net NPAs, in the December quarter of the current financial year (Q3FY23).

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IDFC First Bank stock up over 30% in last one year; Read here

The bank reported strong numbers on most fronts including profitability, funded asset, customer deposits, capital adequacy, asset quality and net NPAs, in the December quarter of the current financial year (Q3FY23).

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