IDFC Bank Q1 net up 65% to Rs 437 cr

Private lender IDFC Bank reported a jump of 65.3 per cent in its net profit at Rs 437.59 crore for the first quarter ended June as bad assets declined and investment income rose. 

Net profit in the corresponding quarter in FY16 stood at Rs 264.76 crore. Total income increased to Rs 2,793.98 crore against Rs 2,188.6 crore in the year-ago period.

The lender registered gains on investments as income from such sources jumped to Rs 972.22 crore for the reported quarter from Rs 687.78 crore a year before. Net interest income declined 15 per cent to Rs 437.50 crore for the quarter, from Rs 515.20 crore year ago.

Its asset quality improved as a proportion of gross non- performing assets fell to 4.13 per cent of total advances as on June 30, from 6.09 per cent a year ago.