IDFC First Bank‘s share price continued its golden run as the stock continued to gain for the eighth straight session.
What Happened: The private bank posted its Q4 earnings last week (April 29). Net interest income – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – stood at ₹3,597 crore up 35% from the year-ago period.
The lender also booked its highest-ever quarterly profit in the March quarter at ₹803 crore, more than double the ₹343 crore profit it booked in the March quarter of 2022. Earnings per share for the quarter stood at ₹1.3.
The bank’s gross non-performing assets improved by 119 basis points to 2.51%. Deposits stood at ₹1.36 lakh crore as of March 31, 2023, registering a growth of 47% year-over-year.
The private lender’s strong numbers have also impressed global analyst firm CLSA. The firm maintained its ‘buy’ rating for the stock with a price target of ₹80. The global brokerage said that the bank delivered a surprise on the net interest margin front beating street estimates.
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Price Action: IDFC First Bank’s share price was up 3.66% to trade at ₹63.70 in the early hours of trading on Tuesday.
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