New Delhi: Private lender IDFC Bank on Monday reported more than a 58% plunge in net profit to 181.55 crore for the first quarter of 2018-19 from 437.59 crore in the same quarter a year ago.

IDFC Bank’s total income dropped to 2,519.87 crore in the April-June quarter of 2018-19 from 2,793.98 crore in the year-ago period. Interest income rose by 8.2% to 2,321.15 crore during the June quarter, but income from other sources was down by 69% to 198.72 crore.

The lender improved on its bad assets with gross non-performing assets falling to 3.24% of gross advances by end-June 2018 from 4.13 % by end-June 2017. Net NPAs were also down to 1.63% from 1.70%.

By value, gross NPAs stood at 1,774.47 crore against 2,004.06 crore. Net NPAs were worth 881.08 crore against 803.72 crore in June 2017. The bank set aside 34 crore as provisioning and contingencies for the first quarter of 2018-19 against a deferred provision of 14.60 crore in April-June 2017-18.

Shares of the bank closed 4.96% higher at 41.25 on the BSE.

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