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IDFC First Bank shares in focus today on Q3 earnings 

IDFC First Bank shares in focus today on Q3 earnings 

IDFC First Bank stock fell 1.32% to Rs 62.27 in the previous session. Market cap of the bank stood at Rs 45,584 crore on BSE. 

Aseem Thapliyal
Aseem Thapliyal
  • Updated Jan 27, 2025 6:12 PM IST
IDFC First Bank shares in focus today on Q3 earnings IDFC First Bank shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Shares of IDFC First Bank Ltd are in news today post Q3 earnings. IDFC First Bank stock fell 1.32% to Rs 62.27 in the previous session. Total 9.80 lakh shares of the firm changed hands amounting to a turnover of Rs 6.14 crore. Market cap of the bank stood at Rs 45,584 crore on BSE. 

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IDFC First Bank reported a 53% year-on-year fall in net profit for the third quarter, on account of higher provisions. Net profit stood at Rs 339 crore in the third quarter against Rs 716 crore in the year ago period.

IDFC First Bank stock has fallen 27.68% from its 52 week high till date. 

IDFC First Bank stock has lost 22 per cent in a year and fell 17.69 per cent in six months. In terms of technicals, the relative strength index (RSI) of the banking stock stands at 43.2, signaling the stock is neither oversold nor overbought. IDFC First Bank shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

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"The profit was largely impacted by reduced income from slowing down disbursal of micro-finance loans, increase in provisions on micro-finance and normalization of credit costs of non-microfinance business," the bank said.

Provisions in the December quarter rose to Rs 1,338 crore compared to Rs 655 crore in the year-ago quarter, led by higher slippages in the microfinance book. The lender said provisions were stable for the non-microfinance portfolio.

 Operating profit in Q3 rose 13% to Rs 1759 crore compared to Rs 1563 crore in the year ago-period. Net interest income grew 14% year-on-year at Rs 4,902 crore.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jan 27, 2025 8:47 AM IST
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