IDFC Bank Q2 net profit up 46% at Rs 388 crore
Net interest income stood at Rs 509.9 crore, slightly down from Rs 515.2 crore in first quarter of FY17
 "IDFC Bank Q2 net profit up 46% at Rs 388 crore")
The lender begun its banking operations on October 1, 2015 and hence the financial results are not comparable on a year-on-year basis.
Net interest income, the difference between interest earned and interest expended, stood at Rs 509.9 crore, slightly down from Rs 515.2 crore in first quarter of FY17.
During the second quarter of this financial year, the pressure on asset quality eased a little with gross non-performing loans (NPLs) declining marginally to 5.96 per cent, compared with 6.09%in the preceding quarter.
However, in the same period, net NPLs rose slightly to 2.44%, compared with 2.32% in the quarter ended March. The bank said that they have not seen any deterioration in the asset quality and that the level of stressed assets has been contained.
Provisions and contingencies dropped by 5% to Rs 22.3 crore in Q2 of FY17 compared to Rs 23.6 crore in Q1 of FY17.
Rajiv Lall, MD & CEO, IDFC Bank said that they are committed to the 15-20% profit after tax growth guidance for the financial year compared to last year.
IDFC Bank has 1,154 customer Points of Presence across 61 districts in 15 states, which they are planning to increase to 1400 by the end of this financial year. IDFC Bank said that it has completed the acquisition of Grama Vidiyal Microfinance and it has become a wholly owned subsidiary of the Bank with effect from October 13, 2016.
The Bank's total Capital Adequacy Ratio (CAR) stood at 19.17% and had a Tier 1 CAR of 18.71% under Basel III. The lender said that they plan to have 1.3 million Bharat Banking customers by the end of the financial year.