{"id":4688,"date":"2024-10-28T09:44:53","date_gmt":"2024-10-28T04:14:53","guid":{"rendered":"https:\/\/lakshmishree.com\/news\/?p=4688"},"modified":"2024-10-28T09:44:55","modified_gmt":"2024-10-28T04:14:55","slug":"idfc-first-bank-shares-drop-9-following-73-q2-profit-decline","status":"publish","type":"post","link":"https:\/\/lakshmishree.com\/news\/idfc-first-bank-shares-drop-9-following-73-q2-profit-decline\/","title":{"rendered":"IDFC First Bank Shares Drop 9% Following 73% Q2 Profit Decline"},"content":{"rendered":"\n<p>Shares of IDFC First Bank tumbled over 9% on October 28 after the private sector lender reported a significant 73% drop in net profit for the second quarter, falling to Rs 200.7 crore from Rs 751 crore in the same period last year. Despite a 21% increase in Net Interest Income (NII) to Rs 4,788 crore, the profit decline weighed heavily on investor sentiment, with shares quoted at Rs 59.79 on the NSE in early trading.<\/p>\n\n\n\n<p>The steep fall in net profit was attributed to higher provisions, which stood at Rs 1,732 crore in Q2, including a prudent provisioning buffer of Rs 568 crore. On a positive note, the bank&#8217;s asset quality showed improvement, with gross NPAs decreasing to 1.92% and net NPAs falling to 0.48%. However, the moderation in the bank&#8217;s net interest margin (NIM) and the need to mobilize deposits kept the outlook cautious.<\/p>\n\n\n\n<p>Brokerages have maintained their mixed view. Nuvama Institutional Equities trimmed the target price to Rs 60 and maintained its &#8216;add&#8217; rating, while Motilal Oswal reiterated a &#8216;neutral&#8217; call with a price target of Rs 73 per share. Both brokerages pointed towards healthy advances growth, but flagged high costs and continued deposit mobilization requirements.<\/p>\n\n\n\n<p><em>Do&nbsp;you have a news tip for Lakshmishree reporters? Please email us at&nbsp;<\/em>media@lakshmishree.com<\/p>\n\n\n\n<p><sub><sup>Source:\u00a0<a href=\"https:\/\/www.moneycontrol.com\/news\/business\/markets\/idfc-first-bank-shares-crash-9-after-reporting-73-fall-in-q2-net-profit-12852091.html\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.moneycontrol.com\/news\/business\/markets\/idfc-first-bank-shares-crash-9-after-reporting-73-fall-in-q2-net-profit-12852091.html\" rel=\"noreferrer noopener\">Moneycontrol<\/a><\/sup><\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of IDFC First Bank tumbled over 9% on October 28 after the private sector lender reported a significant 73% drop in net profit for the second quarter, falling to Rs 200.7 crore from Rs 751 crore in the same period last year. Despite a 21% increase in Net Interest Income (NII) to Rs 4,788 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[62],"tags":[589],"class_list":["post-4688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-results","tag-idfc-first-bank-q2-share"],"_links":{"self":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/comments?post=4688"}],"version-history":[{"count":1,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4688\/revisions"}],"predecessor-version":[{"id":4690,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/4688\/revisions\/4690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media\/4689"}],"wp:attachment":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media?parent=4688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/categories?post=4688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/tags?post=4688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}