IDFC FY16 loss at Rs 935 crore

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Mumbai | Published: April 30, 2016 6:16:31 AM

The NBFC made a special provision for Rs 2,638.7 crore in the second quarter

IDFC on Friday reported a consolidated net loss of Rs 934.8 crore for FY16, compared with a profit of Rs 1,706.9 crore in the previous year, having made a special provision for Rs 2,638.7 crore in the second quarter.

The investing non-banking finance company (NBFC), who’s lending business assets worth over Rs 66,000 crore and liabilities worth over Rs 60,000 crore,  was moved to IDFC Bank post a demerger, reported a consolidated operating income of Rs 3,235 crore for the full year on the back of Rs 1,094 crore of non-interest income.

The company also reported that it’s infra development subsidiary IDFC IDF, which commenced operations in January, 2015, had an outstanding portfolio of Rs 1,202 crore at the end of FY16, while its asset management arm had assets under management (AUMs) of Rs 54,487 crore.

Its alternate investment arm IDFC Alternatives had  AUMs of Rs 16,379 crore, across seven funds, at the end of the fiscal year.

On the company’s future growth plans, given demerger of the lending business, Vikram Limaye, MD & CEO, said, “There’re ongoing discussions about which different areas in financial services that might be attractive to us in the long term. There are a couple of areas that are being actively evaluated, but it’s premature to discuss them.”

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