IDFC Bank: results out; net profit up by 7 per cent

Announcing its fourth quarter result for FY17 ended March, IDFC Bank posted a net profit of Rs 176 crore, up by 7 per cent on a quarterly basis. While the annual net profit in FY16 stands at Rs 165.10 crore.

The operating income stands at Rs 3,030.40 crore for the fiscal year ended March 2017 with 12 per cent contribution from client based fees, whereas, on a quarterly basis, the income of the company stands at Rs 558.40 crore in Q4FY17, up by 1 per cent against Rs 554.50 crore in Q3FY17.

The company also recorded a funded and non-funded credit growth of 58 percent.

Under asset quality, the gross non-performing loans (NPLs) or bad loans stand at Rs 1,542 crore; and net NPLs are at Rs 576 crore for FY17. The percentage of gross NPLs of gross advances stand at 3 percent and net bad loans as a percentage of net advances stand at 1.1 percent.

The net NPA reduced to 1.14 per cent in Q4FY17 from 2.57 per cent in Q3FY17 on a quarterly basis. While, the gross NPA marginally reduced to 2.99 per cent in Q4FY17 from 7.03 per cent in the third quarter of FY17. 

The customer base of the bank also significantly widened as the IDFC Bank fully acquired the microfinance company, Grama Vidiyal, during the year.

The stock of the company is up by 1.47 per cent, post the result announcement, trading at Rs 58.85 on the BSE on April 26, 2017 at 12:21 hrs IST.