IDFC First Bank's shares fell nearly 8 per cent on Monday morning after the bank reported a 53 per cent drop in net profit for the third quarter ending December 2024.
The net profit stood at Rs 339 crore, down from Rs 716 crore in the same period last year. The decline in profit was due to higher provisions caused by more loan defaults.
The bank's stock dropped by 7.7 per cent to reach a 52-week low, with shares trading at Rs 57.45 and Rs 57.46 on the NSE and BSE, respectively.
Despite the profit decline, the bank's total income for the quarter increased to Rs 11,123 crore, up from Rs 9,396 crore last year. Interest income also rose, reaching Rs 9,343 crore compared to Rs 7,879 crore in the previous year.
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