Friday, 27 January 2017

IDFC Bank net profit falls 21% in Q3

IDFC Bank Ltd has reported a decline of 21 per cent in its net profit at Rs 191.26 crore for the October-December quarter of 2016. The bank had posted a net profit of Rs 242.16 crore in corresponding quarter of previous fiscal, said IDFC Bank Ltd in a filing to the BSE. However, total income of the bank climbed 28.8 per cent to Rs 2,585.90 crore in Q3 FY17 from Rs 2,007.02 crore in Q3 FY16.

In the quarter, provisions (other than tax) and contingencies jumped significantly to Rs 231.75 crore from Rs 22.34 crore in previous quarter and from Rs 12.29 crore in corresponding quarter of last fiscal. On asset quality front, the bank’s gross non-performing assets (Gross NPA) jumped to 7.03 per cent of total loans, as against 3.09 per cent in the year ago period.

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