• Shares of IDFC First Bank rose over 3% to ₹54 per share on the BSE in early trading session on Monday
Shares of IDFC First Bank Ltd rose over 3% to ₹54 per share in early trading session on Monday on the BSE after the bank clarified on reports of the lender being in talks to acquire the assets of Via Finserv.
"In this regard, we would like to clarify that banks are in discussion with Via Finserv for possible purchase of their loan receivables in accordance with the Reserve Bank of India's Master Direction on Transfer of Loan Exposure Directions, 2021 to meet Priority Sector Lending ("PSL") Bank's requirements," IDFC First Bank informed in an exchange filing.
"We wish to clarify that neither the Specified Transaction nor the content of the news item warrants any disclosure in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"). The Bank has and will continue to make disclosures in compliance with its obligations under the SEBI LODR."
For the quarter ended September 2022 (Q2 FY23), IDFC First Bank reported a 266% jump in its net profit to ₹556 crore, led by a strong growth in core operating income. The private sector lender had posted a net profit of ₹152 crore in the same quarter a year ago.
Its core operating income (excluding trading profit) in the second quarter of fiscal 2022-23 grew 35 per cent to ₹3,947 crore from a year ago. Whereas, net interest income (NII) grew by 32% to ₹3,002 crore in the September quarter of FY23, while fee and other income grew by 44% to ₹945 crore.
V Vaidyanathan, MD & CEO, IDFC First Bank had said, “Our profit after tax has grown consistently for the fifth consecutive quarter, reflecting the resilience of our franchisees. The bank is confident of sustaining this trend as cash management There is immense potential to grow in new ranges of businesses like money management, FASTag, credit cards etc."
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