Capital First Q2 profit rises over three-fold to ₹104.6 crore

Its core income -- net interest income and fee income -- grew 49% year-on-year (y-o-y) to ₹ 695.2 crore during the quarter. The growth in income was primarily driven by higher net interest income (NII), which grew 55% y-o-y to ₹ 615.3 crore.

Capital First’s total borrowings stood at ₹ 24,550 crore in Q2, up 7.6% sequentially, with its dependence on commercial paper having risen in the September quarter as compared to the last two quarters. In Q2, the borrowing comprised term loans and cash credit (43.3% of total borrowings), commercial paper (14.9%) and non-convertible debentures (41.8%).

The company’s assets under management (AUM) stood at ₹ 32,622 crore as on 30 September 2018 with its retail loan portfolio contributing to 91% of the AUM.

In a statement on Friday, it said that the amalgamation of Capital First Ltd with IDFC Bank Ltd was at an advanced stage and had received approvals from the Competition Commission of India (CCI), stock exchanges, Reserve Bank of India (RBI), shareholders and creditors. However, approval from the National Company Law Tribunal (NCLT) is awaited.

Shares of the non-banking financial company (NBFC) on the BSE closed at ₹ 451.35 on Friday, down 2.42% from its previous close.