India's IDFC First Bank drops after Q4 profit fall

IDFC First Bank

29/04/2024 08:08

** Shares of IDFC First Bank  IDFB.NS  down 4.4% at 81.1
rupees 
    ** The Indian lender's net profit slid 9.8% y/y to 7.24 bln
rupees ($86.8 mln) as a ~31% jump in expenses outweighed a ~28%
increase in interest earned 
    ** Net provisions for bad loans up ~50% y/y in reported qtr 
    ** Trading vols 1.6x
    ** Analysts' avg rating on co "buy" and median TP is 90
rupees - LSEG data
    ** YTD, stock has fallen ~9% after a 51% jump in 2023 - its
third straight annual gain 

    ($1 = 83.4100 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))