IDFC First Bank shares hit record high, up over 110% in last one year
IIE Digital Desk : Shares of IDFC First Bank hit a record high of Rs 93.63 on Wednesday, up 2.11% from the previous close. The stock has risen over 110% in the last one year. The rally in IDFC First Bank shares comes after the bank reported strong financial results for the quarter ended June 2023. The bank's net profit rose 61% to Rs 765 crore, while its net interest income grew 36% to Rs 3,745 crore.
The bank's asset quality also improved, with the gross non-performing asset (NPA) ratio falling to 2.2% from 2.5% in the previous quarter. The net NPA ratio also declined to 0.7% from 0.9%. IDFC First Bank is a well-diversified bank with a strong presence in the retail and corporate segments. The bank is also expanding its digital banking services. The strong financial results and the improving asset quality are positive signs for IDFC First Bank. However, the stock is trading at a premium valuation. Investors should carefully evaluate the risks before investing in the stock.
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