New Delhi : Private player IDFC Bank on Tuesday reported over 76 per cent plunge in standalone net profit at Rs 41.93 crore for the March quarter on rise in bad loans and higher provisioning.
The bank had registered a net profit of Rs 175.95 crore in the January-March quarter of the previous fiscal.
Its total income was however higher during the fourth quarter at Rs 2,374.35 crore as against Rs 2,279.65 crore in the year-ago period.
For the full financial year 2017-18, net profit were down at Rs 859.30 crore from Rs 1,019.74 crore in 2016-17.
The total income for the last financial year was also higher at Rs 10,047.90 crore, as against Rs 9,545.83 crore in the previous fiscal.
The bank’s provisioning for bad loans and contingencies was raised to Rs 242.46 crore in January-March quarter of 2017-18, as against Rs 4.80 crore parked aside in the year-ago period.
For the full year, the provisioning were down at Rs 236.09 crore from Rs 282.50 crore in 2016-17. On the asset front, the gross bad loans (NPAs) rose to 3.31 per cent (or Rs 1,779.06 crore) of the gross loans as on March 31, 2018, up from 2.99 per cent (Rs 1,542.10 crore) by end of March 2017. Net NPAs, as a percentage of net loans were 1.69 per cent (Rs 891.16 crore), in comparison to 1.14 per cent (Rs 576.47 crore).