Private lender IDFC Bank today reported more than 58 per cent plunge in net profit to ₹ 181.55 crore for the first quarter of 2018-19 fiscal compared to ₹ 437.59 crore in the same quarter of last year.
IDFC Bank’s total income dropped to ₹ 2,519.87 crore in the April-June quarter of 2018-19 from ₹ 2,793.98 crore in the year-ago period.
Interest income rose by 8.2 per cent to ₹ 2,321.15 crore during the June quarter, but income from other sources was down by 69 per cent to ₹ 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 ₹ 1,774.47 crore from ₹ 2,004.06 crore. Net NPAs were worth ₹ 881.08 crore against ₹ 803.72 crore in June 2017.
The bank set aside ₹ 34 crore as provisioning and contingencies for the first quarter of 2018-19 against a deferred provision of (-)₹ 14.60 crore in April-June period of 2017-18.
Shares of the bank closed 4.96 per cent higher at ₹ 41.25 on BSE.