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| IDFC bottom line rises 26% to Rs 272 cr |
| BS Reporter / Mumbai Jul 21, 2009, 00:29 IST |
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Helped by a healthy growth in fee-based income and income from infrastructure loans, Infrastructure Development Finance Company (IDFC) recorded a 25.7 per cent growth in its net profit on a consolidated basis to Rs 272.43 crore for the quarter ended June 30, 2009.
The company recorded a net profit of Rs 216.70 crore for the quarter ended June 2008.
Total income for the group grew 14.25 per cent to Rs 994.61 crore from Rs 870.51crore recorded in the corresponding quarter last year, while net interest income (NII) increased 12 per cent to Rs 244 crore.
On a standalone basis, the company posted a 19 per cent growth in net profit to Rs 243.49 crore for the June quarter as against Rs 204.73 crore in the year-ago period.
The growth in net profit was mainly on account of interest income from infrastructure loans, which grew 24 per cent on a year-on-year basis to Rs 219 crore.
The asset management business, which saw a four-fold increase in fees to Rs 72 crore, was another major contributor to the bottom line. Non-interest income, too, grew at a healthy 32 per cent to Rs 217 crore.
On the other hand, NII from treasury operations decreased by 38 per cent from Rs 40 crore to Rs 25 crore.
Income from investment banking and broking activities was flat at Rs 35 crore, while those from principal investments was Rs 68 crore for the June quarter.
Net non-performing assets stood at 0.21 per cent of outstanding loans. The lender’s balance sheet size grew 4 per cent to Rs 30,753 crore in the first quarter while total loans outstanding as of June 30, 2009, were Rs 21,114 crore.
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