IDFC Bank net profit down 58% to Rs 181cr in Q1

Private lender IDFC Bank today reported more than 58 per cent plunge in net profit to Rs 181.55 crore for the first quarter of 2018-19 fiscal compared to Rs 437.59 crore in the same quarter of last year.

IDFC Bank's total income dropped to Rs 2,519.87 crore in the April-June quarter of 2018-19 from Rs 2,793.98 crore in the year-ago period.

Interest income rose by 8.2 per cent to Rs 2,321.15 crore during the June quarter, but income from other sources was down by 69 per cent to Rs 198.72 crore.

The lender improved on its bad assets with gross non-performing assets falling to 3.24 per cent of gross advances by end-June 2018 from 4.13 per cent by end-June 2017.

Net NPAs were also down to 1.63 per cent from 1.70 per cent.

In absolute value, gross NPAs stood at Rs 1,774.47 crore from Rs 2,004.06 crore. Net NPAs were worth Rs 881.08 crore against Rs 803.72 crore in June 2017.

The bank set aside Rs 34 crore as provisioning and contingencies for the first quarter of 2018-19 against a deferred provision of (-)Rs 14.60 crore in April-June period of 2017-18.

Shares of the bank closed 4.96 per cent higher at Rs 41.25 on BSE.