IDFC Bank, a latest entrant into the private sector lending space of the country, today reported a net profit of Rs 165.06 crore for the March quarter.
IDFC Bank, a subsidiary of infrastructure finance company IDFC Ltd, started its banking operations in October last year, therefore no data is available for comparison.
“The financial results for the year ended March 31, 2016, include the financial performance of IDFC Bank as a bank for the period of six months (October 1, 2015 to March 31, 2016).
“Accordingly, the financial results for the quarter/year ended March 31, 2016, are not comparable with corresponding previous quarters/year,” the bank said in regulatory filing.
Total income of the bank stood at Rs 1,953.20 crore during January-March period of 2015-16, it said.
Bank’s gross non-performing assets (NPAs) were 6.16 per cent of the gross advances as on March 2016, while net NPAs or bad loans stood at 2.39 per cent during the period under review.
On yearly basis, bank’s net profit was at Rs 466.85 crore and total income stood at Rs 4,052.03 crore.
IDFC Bank was incorporated on October 21, 2014, as a company. Pursuant to grant of banking licence by the RBI and other related approvals, IDFC Bank commenced its banking operations on October 1, 2015.
“The Board of Directors has proposed a dividend of Rs 0.25 per share (2.50 per cent) for the year ended March 31, 2016,subject to approval of members at the ensuing Annual general meeting,” it added.
The company’s stock closed 2.02 per cent up at Rs 52.95 apiece on BSE.