BackIDFC profit drops 15.8% to Rs421.60 crore
Total income rose 16% to `2,460.05 crore from `2,120.64 crore in the same quarter last year
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Mumbai: IDFC Ltd on Thursday reported a 15.8% drop in its December quarter consolidated net profit to ₹ 421.60 crore from ₹ 500.68 crore in the same quarter of last year due to higher provisions and contingencies.
Total income rose 16% to ₹ 2,460.05 crore from ₹ 2,120.64 crore in the same quarter last year.
Provisions and contingencies jumped fourfold to ₹ 153.17 crore from ₹ 36.52 crore a year ago.
Net non-performing assets (NPAs) at 0.47% of net advances were higher compared to 0.5% reported during the quarter ended December 2013.
On Thursday, IDFC closed at ₹ 170.65 on the BSE, down 1.3% from its previous close, while the benchmark Sensex rose 0.41% to close at 29,681.77 points.
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