IDFC Bank's Q4 net profit up 7%

IDFC Bank on Tuesday reported a rise of seven per cent in its net profit for the fourth quarter (Q4) of 2016-17.

The company's net profit rose to Rs 176 crore from Rs 165.1 crore reported in the fourth quarter of 2015-16.

The operating income of the bank rose by just one per cent to Rs 558.4 crore during the January-March quarter of 2016-17 from Rs 554.5 earned in the corresponding period of 2015-16.

"The financial year 2016-17 marks the first full year of operations of IDFC Bank. The Bank recorded a net profit of Rs 1,020 crore for the full year ended March 31, 2017, delivering a 25 per cent growth in net profit vs. last year (annualized)," the lender said in a statement.

"The balance sheet grew y-o-y by 35 per cent. IDFC Bank ended the year with an outstanding funded and non-funded credit growth of 58 per cent, while its funded outstanding credit was up 36 per cent at Rs 66,567 crore, from Rs 48,813 crore in the previous year."

--IANS

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