IDFC First Bank Share Price: Following mixed December quarter earnings and not so optimistic brokerage view, shares of IDFC First Bank fell over 5% to the day s low of Rs 82.80 on the NSE on Tuesday. While BofA recommended an underperform rating on the stock, domestic brokerages Motilal Oswal and Nuvama held Neutral and Hold views respectively.
The net interest income (NII) of IDFC First Bank rose 30% to Rs 4,287 crore in the third quarter, compared with Rs 3,286 crore in the same quarter of last year. Other income during the reporting period increased 32% year-on-year to Rs 1,517 crore. It was Rs 1,152 crore in the last-year period.
Following the strong Q3 numbers, the stock opened higher at ₹61.50 apiece during Monday intraday trade compared to the previous closing price of ₹59.35 and it continued to rise to hit an intraday high of ₹61.85. In Q3FY23, the bank reported a net profit of ₹605 crore.
IDFC First Bank has declared its Q3FY23 results today and the lender said that it continues to deliver a strong performance on all fronts including profitability, customer deposits, funded asset, capital adequacy, asset quality and net NPA.