New Delhi: Private lender IDFC Bank on Monday reported more than a 58% plunge in net profit to Rs 181.55 crore for the first quarter of 2018-19 from Rs 437.59 crore in the same quarter a year ago.
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% to Rs 2,321.15 crore during the June quarter, but income from other sources was down by 69% to Rs 198.72 crore.
The lender improved on its bad assets with gross non-performing assets falling to 3.24% of gross advances by end-June 2018 from 4.13 % by end-June 2017. Net NPAs were also down to 1.63% from 1.70%.
By value, gross NPAs stood at Rs 1,774.47 crore against 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 2017-18.
Shares of the bank closed 4.96% higher at Rs 41.25 on the BSE.