IDFCBank posted a 58.5 percent drop in net profit at Rs 181 crore for the
first quarter ending June led by a substantial dip in other income and jump in
provisions towards bad loans.
Net
profit of the new private sector lender for the same period last year was Rs
437.6 crore.
NII or
Net interest income, the difference between interest earned on loans and paid
on deposits, increased by 26 percent to Rs 490 crore from Rs 388 crore a year
ago.
Other
income declined by 69 percent to Rs 198.7 crore from Rs 648.8 crore a year ago
on account of treasury losses during the quarter.
Asset
quality
Provisions
towards bad loans rose to Rs 340 crore from a write-back of provisions of Rs
146 crore in the corresponding quarter a year ago.
As a
percentage of total loans, gross non-performing asset (NPA) ratio reduced to
1.24 percent as on June end 2018 from 3.31 percent in the March quarter 2018
and sequentially even lower from 4.13 percent in the June quarter last year.
Net
NPAs also marginally declined to 1.63 percent of total loans as against 1.69
percent in the March quarter and 1.70 percent in June last year.
In
absolute terms, gross NPAs stayed almost flat at Rs 1,774.5 crore from 1,779
crore in the March quarter and Rs 2,000 crore in June 2017, while net NPAs
edged down by a mere Rs 10 crore to Rs 881 crore from Rs 891 crore but
increased on a sequential basis from Rs 804 crore.
Capital
adequacy ratio was significantly higher at 19.25 percent from 18.60 percent in
the same quarter a year ago.
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