IDFC Bank, a subsidiary of IDFC Ltd, on Friday reported a 23.6% year-on-year drop in its third quarter net profit to Rs 146.11 crore, hurt by lower income and higher expenditure. On a sequential basis, net profit fell 37.5 %. Total income fell 2.7% from the year-ago period to Rs 2,514.51 crore in the December quarter, the bank said in a notification to the stock exchanges. In the previous quarter, the total income was Rs 2,365.06 crore. Net interest income, which is the difference between interest earned and interest expended, stood at Rs 494.96 crore during the quarter, compared with Rs 520.77 crore in the year-ago period and Rs 461.88 crore in the September quarter. The net interest margin was 1.9% during the quarter, little changed from 1.8% in the previous quarter, but down from 2.1% in the year-ago period. The bank said provisions fell to Rs 108.61 crore from `231.76 crore in the year-ago period.Gross non-performing assets was 5.62% of total advances during the quarter, lower than 7.03% in the year-ago period but higher than 3.92% in the previous quarter, IDFC Bank said.
Net non-performing assets marginally improved to 2.52% from 2.57% in the corresponding quarter last year. In the previous quarter it was 1.61%.At the end of December, IDFC Bank had 127 branches and 24 lakh customers. Its capital adequacy was 19.1%, higher than 18.4% in the year-ago period. Its CET 1 ratio stood at 18.8%, compared with 18% in a year-ago.