IDFC First Bank Shares fell over by 7% as profit declines by over 50%
However, the profit number was far lower than the profits achieved in the same quarter of the previous year. On a YoY basis, the profits dipped by over 50%.
IDFC First Bank Shares fell over by 7 as profit declines by over 50
Mumbai-Based lender, IDFC First bank shares decline at the bourse. The shares of the company plunged after the company published its results for the third quarter of FY25 or Q3, which ended in December. The bank reported a net profit of Rs 340 crore higher than the previous quarter's Rs 211 crore.
However, the profit number was far lower than the profits achieved in the same quarter of the previous year. On a YoY basis, the profits dipped by over 50%. In Q3 of FY24, the bank managed to accrue a net profit of Rs 732 crore.
However, the total income earned increased to Rs 11,122 crore by the end of December 31. This figure is higher than the previous quarter's Rs 10,684 crore. In the Q3 of FY24, the figure stood at Rs 9,396 crore.
Furthermore, total assets increased to Rs 3,35,956 crore, compared to last year's Rs 2,70,800 crore. Meanwhile, the interest earned in the quarter reached Rs 9,342 crore in Q3, compared to Q2's Rs 8,957 crore.
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Now, the company shares started the day with negative trade, after it opened over Rs 2 lower than the previous closing last week. The shares opened at Rs 59.01, against Friday's Rs 62.27 per share.
The overall decline in the company shares fell over by 8%. The lender's 52-week high stood at Rs 86.10 per share. It also needs to be noted, that today, the bank also hit a 52-week low of Rs 57.45 per share.
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