Stock below Rs 100: Net profit of this stock more than doubles to report highest ever quarterly profit!

The stock has witnessed significant buying activity as it has surged more than 59 per cent in the past year

On Friday, shares of IDFC First Bank zoomed more than 4 per cent to make an intraday high of Rs 62 apiece. The scrip witnessed a massive spurt in volume and is currently trading close to it's 52-week high of Rs 64.30. 

IDFC First Bank has recently released their Q4 FY23 financial report, revealing a remarkable 134 per cent increase in standalone net profit, amounting to Rs 803 crore from Rs 343 crore in the same period last year. The bank's net interest income grew YoY by 35 per cent to Rs 3,597 crore, while its core operating profit rose by 61 per cent on YoY basis to Rs 1,342 crore.

With a diversified customer deposit and loan book, the bank has reported its highest-ever quarterly profit. Additionally, IDFC First Bank's gross non-performing assets (NPA) ratio has decreased from 2.96 per cent to 2.51 per cent sequentially, and 3.70 per cent in Q4 FY22. Meanwhile, its net NPA ratio fell to 0.86 per cent from 1.03 per cent QoQ and 1.53 per cent YoY, indicating an improvement in asset quality.

IDFC First Bank is a leading private sector bank in India that offers a wide range of financial products and services to its customers. The bank was formed in 2018 through the merger of IDFC Bank and Capital First Limited, a non-banking financial company. The bank caters to the needs of both retail and corporate customers, and has a strong presence in both urban and rural areas of India.

The stock has witnessed significant buying activity as it has surged more than 59 per cent in the past year. Keep a close eye on this trending stock.