1. IDFC reports standalone net profit of R91.07 crore

IDFC reports standalone net profit of R91.07 crore

IDFC Ltd on Friday reported a standalone net profit of R91.07 crore for the quarter ended September, marking a 1,635% jump from the figure recorded in the June quarter.

By: | Mumbai | Published: October 29, 2016 6:29 AM

IDFC Ltd on Friday reported a standalone net profit of R91.07 crore for the quarter ended September, marking a 1,635% jump from the figure recorded in the June quarter.

In September 2015, it had reported a net loss of R1,411.38 crore as it demerged to form IDFC Bank, which began operations on October 1, 2015. The investing non-banking finance company moved assets worth over R66,000 crore and liabilities worth over R60,000 crore to IDFC Bank.

The company’s total income rose 577% sequentially to R112.88 crore, which was 95.4% lower than the corresponding figure for the year-ago period. During July-September 2015, prior to the demerger of the bank, IDFC had reported a total income of R2,456.05 crore.

Vikram Limaye, managing director and CEO of IDFC, said that IDFC Alternatives’ Fund IV will be focused on consumer-facing businesses.

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