IDFC Bank Q1 profit rises 60% to Rs264.76 crore
IDFC Bank's total income increases 12% to Rs2188.28 crore from the preceding quarter ended 31 March
IDFC Bank Ltd said its fiscal first quarter profit rose 60% to ₹ 264.76 crore from ₹ 165.06 crore in the preceding March quarter.
The earnings can’t be compared with the previous year as IDFC Bank started operations in October.
IDFC Bank and Bandhan Bank had received in-principle approvals from the Reserve Bank of India in 2014 to start universal banks.
IDFC Bank’s total income increased 12% to ₹ 2188.28 crore from the preceding quarter ended 31 March. Net interest income stood at ₹ 515.2 crore for the April-June quarter, a rise of 25% from the March quarter.
Total credit grew 7% to ₹ 57,470 crore as on 30 June from the preceding quarter. Deposits rose 59% to ₹ 13,029 crore from the March quarter.
Gross non-performing assets (NPA) were at ₹ 3,029.87 crore as on 30 June. The bank’s gross NPA ratio as a share of gross advances was at 6.09%, as compared with 6.16% in the March quarter. Provisions made during the quarter were at ₹ 23.60 crore in first quarter, higher than ₹ 11.89 crore in January-March period.
Return on asset for the new bank stood at 1.15% for the April-June quarter compared with 0.8% in March quarter. Capital adequacy ratio stood at 20.3% for the June quarter according to Basel-III norms.
As on 30 June, IDFC Bank had 65 branches in total out of which 50 branches were in rural areas. In July 2016, IDFC Bank signed a share purchase agreement to acquire 100% stake in Tamil Nadu-based Grama Vidiyal Microfinance Ltd.
On Tuesday, shares of IDFC Bank rose 3.24% to ₹ 52.65 apiece on BSE, while the Sensex shed 0.42% to 27,976.52 points.
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