IDFC Q1 net up 47% to Rs 557 cr

Disbursements shrink in Q1 FY14

Infrastructure finance company IDFC Ltd posted a 47% rise in net profit at Rs 557 crore in the first quarter ended June 2013 mainly on growth in non-interest income and dip in provisions.

It had posted a net profit of Rs 380 crore in April-June 2012, IDFC said in statement.

IDFC stock was down 4.6% to Rs 110.3 at close on Bombay Stock Exchange today.

The Net Interest Income (NII) increased by  11% from Rs 620 crore in Q1FY13 to Rs 686 crore in Q1FY14. NII from loans was up by 14% to Rs 631 crore from Rs 555 crore in Q1FY13. The net interest margins remained stable at 4.1% for 12 months ended June 2013.

The Non Interest Income rose by 127% to Rs 331 crore from Rs 146 crore in Q1FY13. 

Dwelling on the various heads of non interest streams, principal gains stood at Rs 63 crore in Q1FY14 from Rs 2 crore in Q1FY13. The income from Fixed Income Treasury jumped 1,030% to Rs 139 crore from Rs 12 crore. 

The loan related and other fees decreased by 61% from Rs 59 crore in Q1FY13 to Rs 23 crore. 

The balance sheet grew by 10% in 12 months to 71,655 crore at end of June 2013.

The Gross Loan book was up 13% from ' Rs 50,892 crore to Rs 57,600 crore.

Reflecting the slowdown in infrastructure sector, the gross approvals fell by 78% from Rs 12,809 crore to Rs 2,833 crore. The disbursements also shrunk by 28% to Rs 3,211 crore from Rs 4,487 crore in Q1FY13. 

The provisions declined by 43% to Rs 59 crore down from Rs 103 crore.

Gross NPLs stood at 0.32% and Net NPLs at 0.20% of outstanding loans. The Capital Adequacy at 23.0% (of which Tier I at 20.7%)