IDFC Bank Q4 net profit edges up to Rs 176 crore

Don't want to miss the best from Business Standard?

IDFC Bank on Tuesday posted a net profit growth of seven per cent at Rs 176 crore for the fourth quarter ended March.

The corresponding figure in the previous financial year read Rs 165.10 crore. Income during the quarter grew by a marginal one per cent to Rs 558.40 crore, as against Rs 554.50 crore.

For the whole of 2016-17, profit came in at Rs 1,020 crore, marking completion of its first full year of operations.

Operating income stood at Rs 3,030.40 crore for the fiscal ended March 2017, it said in a release.

The bank had started off in October 2015. So, the year- on-year comparable figure has been annualised.

"The financial year 2016-17 marks the first full year of operations... We ended the year with an outstanding funded and non-funded credit growth of 58 per cent," IDFC Bank said.

"As on March 31, 2017, one-fourth of the IDFC Bank's funded credit was retailised. Also, the bank's infrastructure concentration was down to 54 per cent. Its client-based fees contributed 12 per cent to its operating income," it said.

On asset quality, gross non-performing loans (NPLs) or bad loans and net NPLs at the end of March 2017 were Rs 1,542 crore and Rs 576 crore, respectively. Gross NPLs as a percentage of gross advances stood at three per cent and net bad loans as a percentage of net advances 1.1 per cent.

The bank widened its customer base geographically through acquisition of its fully-owned microfinance company Grama Vidiyal during the year. At the end of 2016-17, it had a customer base of 14 lakh after having on-boarded close to a million customers from Grama Vidiyal.

The IDFC Bank stock closed 1.02 per cent up at Rs 59.45 on the BSE.