IDFC First Bank's standalone profit rose 134% YoY to Rs 803 crore in the March quarter, driving the shares up 6%. The bank's net interest income in Q4 2022 totalled Rs 3,596.75 crore. Its gross and net NPAs improved, and provisions for FY23 reduced by 46% YoY to Rs 1,665 crore. The bank's asset quality remains high, and RoA improved from FY22's 0.08% to 1.13% in FY23. However, brokerage Nuvama retained its hold rating on the bank with a target price of Rs 60 as its retail loan portfolio and deposit franchise remain unseasoned and weak, respectively. Read More