IDFC Bank reports Rs 242-cr net profit

By: | Published: January 28, 2016 12:10 AM

In its first quarterly earnings since listing last November, IDFC Bank — born out of the demerger of IDFC and having started operations just last October — reported a net profit of R242.2 crore in the quarter ended December 2015, as its net interest income...

In its first quarterly earnings since listing last November, IDFC Bank — born out of the demerger of IDFC and having started operations just last October — reported a net profit of Rs 242.2 crore in the quarter ended December 2015, as its net interest income – the difference between interest earned and interest expended – stood at Rs 386.3 crore and NIM at 2%.

Similarly, with operating expenses at Rs 215.3 crore, its operating profit margin stood at 9.6%, and with non interest income of Rs 217.9 crore, its cost to income ratio stood at 35.6%.

Even on the capital adequacy and asset quality front, the bank reported healthy numbers with CAR at the end of the quarter ended December, 2015, at 20.3%; gross NPAs at 3.1% and net NPAs at 1%.

The bank also reported that in the first three months of its operations, advances grew 3% sequentially to Rs 42,995 crore, while deposits at the end of the quarter stood at Rs 1,322 crore (CASA at Rs 324 crore or 24.5%).

Its loan book stood at Its loan book stood at Rs 43,000 crore, while the fixed income investments were at Rs 34,000 crore as against the statutory liquidity ratio requirement of only Rs 11,000 crore.

IDFC, along with micro-lender Bandhan Financial Services, was selected for a banking licence from the  Reserve Bank of India  in 2014.

IDFC Bank went live with a “soft launch” at 23 locations, including 15 branches in rural Madhya Pradesh on October 1, 2015 becoming the 91st scheduled commercial bank in the country.

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