IDFC Bank Q1 net surges 60% to ₹265 crore

MUMBAI: The country’s youngest lender, IDFC Bank reported a net profit rise of 60% to ₹265 crore in the first quarter of 2016-17, up from ₹165 crore in the January-March

Published on: Jul 27, 2016, 07:12:02 IST

By HT Correspondent

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MUMBAI: The country’s youngest lender, IDFC Bank reported a net profit rise of 60% to ₹265 crore in the first quarter of 2016-17, up from ₹165 crore in the January-March quarter of the year.

IDFC Bank started operations in October last year. It along with Bandhan Bank had received in-principle approvals from the Reserve Bank of India in 2014 to start full-fledged banks.

Net interest income stood at ₹515 crore for in the April-June quarter, a rise of 25% from the March quarter, while its other income grew 37% to ₹196.5 crore.

Gross non-performing assets (NPA) was 6.09% (at ₹3,030 crore as on June 30, 2016) compared to 6.16% on March 31, 2016. Provisions made for bad loans almost doubled to ₹23.60 crore in the period. Total credit grew 7% to ₹57,470 crore as on June 30, 2016 while deposits rose 59% to ₹13,029 crore over the previous quarter.

Shares of IDFC Bank ended higher by 3.24% at ₹52.65 on the BSE on Tuesday.

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