IDFC First Bank's Sept quarter net up 50% on improved interest margins

Private lender IDFC First Bank’s net profit rose by 50 per cent on a year-on-year basis at Rs 152 crore for the second quarter ended September 2021 (Q2FY22) on improvement in interest margins and lower credit costs.

It had posted a net profit of Rs 101 crore in the second quarter of the last financial year (Q2FY21).

Its net interest income (NII), interest earnings minus expenses, grew by 27 per cent year-on-year basis to Rs 2,272 crore in Q2FY22, up from Rs 1,784 crore in Q2FY21. Its net interest margin (NIMs) improved to 5.76 per cent for Q2FY22 from 4.91