IDFC profit dips 9%

Infrastucture lender IDFC posted a nine per cent drop in net profit at Rs 380 crore, on a consolidated basis, due to a fall in non-interest income.

Non-interest income fell 51 per cent to Rs 137 crore.

Net interest income (NII) rose 32 per cent to Rs 629 crore. The company was able to maintain its net interest margins (NIM) at 4.4 per cent. Net profit was at Rs 855 crore, a marginal rise of two per cent year-on-year (y-o-y).

In the first half, the company’s NII was at Rs 1,285 crore, which rose 31 per cent.

The gross and net non-performing asset (NPA) levels were 0.28 per cent and 0.13 per cent, respectively. Provisioning for bad debts was also down both sequentially and y-o-y at Rs 30 crore.

The company had provided Rs 103 crore last quarter towards NPA provisioning.

Its loan book increased 36 per cent, y-o-y, to Rs 54,137 crore at the end of second quarter.

The company posted a healthy capital adequacy ratio of 21.5 per cent with tier-1 capital of 19.5 per cent.