Home NewsStock Market News IDFC First Bank net profit jumps 115% to Rs 605 crore

IDFC First Bank net profit jumps 115% to Rs 605 crore

by WOOWinvest
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IDFC First Bank net profit jumps 115% to Rs 605 crore

Kolkata: reported a 115% jump in net profit for the December quarter at Rs 605 crore over Rs 281 crore in the year ago period, backed by a healthy rise in both interest and non-core earnings and improvement in asset quality.

Its net interest income rose 27% year-on-year at Rs 3285 crore as compared with Rs 2,580 crore. Other income grew 50% year-on-year at Rs 1,153 crore, despite a fall in earnings from treasury operations.

Operating profit rose 64% at Rs 1261 for the period under review as against Rs 770 crore in the year ago quarter.

Provisions rose 15% at Rs 450 crore.

The bank, which was created by the demerger of the infrastructure lending business of

to IDFC Bank in November 2015, continued to wind down infrastructure financing and reduce single borrower exposure as per stated strategy. Infrastructure financing now constitutes only 3.7% of total funded assets while exposure to top of 20 single as 1% borrowers 7% red December 31, 2021.

Its advances grew 25% year-on-year to Rs 1.52 lakh crore. Its overall asset quality improved with gross non-performing assets ratio falling to 2.96% at the end of December from 3.96% a year ago. Net NPA stood at 1.03% (1.74%).

The bank saw its deposit mobilization grow 44% to Rs 1.24 lakh crore with the current and savings account ratio to total deposits falling a bit to 50% from 51.6% a year back.

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