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IDFC FIRST Bank Reports Q2 FY27 Results; V. Vaidyanathan Appointed MD and CEO

2 reports, 1 independent Updated Oct 24
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What happened

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IDFC FIRST Bank announced that V. Vaidyanathan has been named Managing Director and CEO. The bank also released its financial results for Q2 FY27, reporting a consolidated net profit of Rs 1,049.17 crore, which was an 8.59 per cent decrease quarter-on-quarter compared to Q1 FY27. The bank noted that its total deposits increased 25.9 per cent year-on-year to Rs 3,48,583 crore, while loans and advances grew 30.1 per cent year-on-year.

From ianslive.in

Why it matters

Some supportBrind's analysis of the reports

The bank reported that its Gross NPA declined to 1.32 per cent and Net NPA dropped to 0.40 per cent sequentially. V. Vaidyanathan stated that cost-to-income continues to fall and that the bank raised over Rs 34,000 crore in FCNR(B) deposits to secure 3-5 year liquidity at a lower cost than domestic deposits.

From ianslive.in

Who's involved

  • IDFC FIRST BankIndian banking company that released financial results and appointed new leadership.
  • V. VaidyanathanIndian Businessman appointed as Managing Director and CEO of IDFC FIRST Bank.

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Coverage

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1 more outlet ran the same wire story