​​​
  1. IDFC Bank Q2 net falls 39.7% to Rs 234 crore

IDFC Bank Q2 net falls 39.7% to Rs 234 crore

IDFC Bank, a subsidiary of IDFC Ltd, on Thursday reported a 39.7% year-on-year drop in its second quarter net profit at Rs 233.66 crore, hurt by higher provisioning and lower income.

By: | Mumbai | Updated: October 26, 2017 3:20 AM
The net interest margin fell to 1.8% during the quarter from 2.2% in the corresponding period last year.

IDFC Bank, a subsidiary of IDFC Ltd, on Thursday reported a 39.7% year-on-year drop in its second quarter net profit at Rs 233.66 crore, hurt by higher provisioning and lower income. On a sequential basis, net profit fell 46.6% from Rs 437.59 crore in the April-June quarter. Total income fell 5.1% from the year-ago period to Rs 2,365.06 crore in the July-September quarter, the bank said in a notification to the stock exchanges. In the previous quarter, the total income was Rs 2,793.98 crore. Net interest income, which is the difference between interest earned and interest expended, stood at Rs 461.88 crore, compared with Rs 495.59 crore in the year-ago period and Rs 388.02 crore in the April-June quarter.

The net interest margin fell to 1.8% during the quarter from 2.2% in the corresponding period last year. In the previous quarter, it stood at 1.7%. The bank said provisions jumped to Rs 100.37 crore from Rs 22.34 crore in the year-ago period and Rs 14.6 crore in the first quarter. Gross non-performing assets was 3.92% of total advances during the quarter, lower than 5.96% in the year-ago period and 4.13% in the first quarter. Net non-performing assets improved to 1.61% from 2.44% in the corresponding quarter last year and 1.7% sequentially. IDFC Bank’s net retail and corporate assets were up 14% year-on-year at Rs 65,177 crore as of September 30, 2017, the bank said in a statement. On a sequential basis, it grew 4%. At the end of the September quarter, deposits were at Rs 38,890 crore, compared with Rs 22,911 crore as of September 30, 2016. However, it fell 7% from the previous quarter.Capital adequacy ratio of the Bank, computed as per Basel III guidelines, stood at 19.3% as at the end of the quarter. Tier 1 Capital adequacy ratio stood at 19.0%. The bank has 100 branches and a total customer base of 20 lakh.

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