IDFC extends gain post Q4 earnings
NII grew by 22% y-o-y to Rs 580 crore in Q4 driven by strong loan growth and sequential improvement in spreads.
IDFC is trading higher by 5% at Rs 121, extending its previous day’s 1.5% gain, after reporting a 16% year-on-year (y-o-y) growth in net profit at Rs 332 crore for the quarter ended March 2012, on back of strong growth in operational income. Total income from operations grew 32% at Rs 1,715 crore on y-o-y basis.
However, net interest income (NII) for the quarter grew by 22% y-o-y to Rs 580 crore driven by strong loan growth and sequential improvement in spreads.
The research firm Motilal Oswal Financial Services expected that the monetary easing and reformatory steps by government would be major catalysts in further improving the growth and profitability outlook of the company.
A combined 5.25 million shares have changed hands on the counter so far on the NSE and BSE.