IDFC FIRST Bank reports Q4 FY25 net profit down 58% from FY24 to 304 crore, proposes ₹0.25/share dividend
IDFC First Bank is engaged in the business of Banking Services. IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.
IDFC First Bank Q4 Results: IDFC First Bank is engaged in the business of Banking Services. IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018.Private sector lender IDFC First Bank recorded a 58% fall in net profits to ₹304 crore for the January to March quarter of the 2024-25 financial year, compared to ₹724 crore in the same period a year ago.
The board of directors of IDFC First Bank also proposed a dividend issue of ₹0.25 per share with the financial results for the fourth quarter of FY25 as well as for the full financial year 2024-2025. The approval of the dividend issue will be announced at the upcoming annual general meeting of the bank.
Appointment of Secretarial Auditor:
The Board of the Bank has approved the appointment of M/s. Makarand M. Joshi & Co., Company Secretaries (“MMJC”) as the Secretarial Auditor of the Bank for a period of 5 years, i.e. from Financial Year 2025-26 to Financial Year 2029-30, subject to the approval of shareholders of the Bank at the ensuring Annual General Meeting.
Dividend:
The Board of Directors of the Bank at its meeting held today has inter-alia considered and recommended dividend of ₹ 0.25/- (2.50% of face value) per equity share of face value of ₹ 10/- each for the Financial Year 2024-25.
Should you buy IDFC First Bank shares?
Brokerage firm MOFSL has a ‘Neutral’ rating on IDFC First Bank shares with a target price of ₹65 apiece.
“The price-wise correction in IDFC First Bank shares seems limited. The stock has strong support around ₹60-62 levels. Traders can apply buy on dips approach in IDFC First Bank shares as any dip towards the support level can be used a s buying opportunity. The target for the IDFC First Bank stock is around ₹71 level,” said Ruchit Jain, Vice President, Equity Technical Research, Motilal Oswal Financial Services Ltd.
On Friday, IDFC First Bank share price ended at ₹66.15 on the BSE, ahead of the Q4 results today.
