​​​
  1. IDFC Bank Q3 net falls 21% on rise in provisions

IDFC Bank Q3 net falls 21% on rise in provisions

Private sector lender IDFC Bank on Wednesday reported a 21% fall in its net profit for the October-December quarter at R191.26 crore as a surge in non-performing loans resulted in a spike in provisions.

By: | Mumbai | Published: January 26, 2017 4:55 AM
In the quarter under review, the bank's provisions for bad loans came in at Rs 231.76 crore, nearly 19 times more compared with the same quarter last year. (Reuters) In the quarter under review, the bank’s provisions for bad loans came in at Rs 231.76 crore, nearly 19 times more compared with the same quarter last year. (Reuters)

Private sector lender IDFC Bank on Wednesday reported a 21% fall in its net profit for the October-December quarter at Rs 191.26 crore as a surge in non-performing loans resulted in a spike in provisions. The bank’s total income came in at Rs 2,585.91 crore, up 29% year-on-year, led by a rise in interest income. Net interest income, the difference between interest earned and interest paid, stood at Rs 520.77 crore, 35% higher than the corresponding quarter last year. The net interest margin increased to 2.1%, 10 basis points higher year-on-year.

In the quarter under review, the bank’s provisions for bad loans came in at Rs 231.76 crore, nearly 19 times more compared with the same quarter last year. Gross non-performing assets (NPA) as a percentage of total loans stood at 7.03%, up 394 basis points from the 3.09% at the end of the December quarter last year, while net NPA rose by 159 bps to 2.57%.

You May Also Want To Watch:

As on December 31, IDFC Bank’s total credit stood at Rs 71,354 crore, as against Rs 46,545 crore at the end of the corresponding quarter last year. Total deposits increased to Rs 27,001 crore, compared with Rs 1,646 crore at the end of December 2015.

idfc-ss

IDFC Bank’s return on assets for the quarter under review came in at 0.7%, 50 bps lower than the year-ago period, while its return on equity rose by 180 bps to 7.1% over the same period.

“During the quarter, IDFC Bank expanded its network significantly, creating a reach of 4,684 customer points of presence. This includes the bank’s 74 branches, 43 ATMs, 4,232 micro-ATMs and 335 business correspondent outlets (of these, 322 are Grama Vidiyal outlets),” the bank said in a statement after announcing the results.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

  1. No Comments.

Go to Top