IDFC First Bank Q4 net profit jumps 78.66% at Rs 127.81 cr
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The bank reported standalone net profit of Rs 127.81 crore for the quarter ended March 31, 2021 as compared to Rs 71.54 crore in the same period last year, registering a year-on-yearĸgrowthĸof 78.66 per cent. Interest income of the bank rose by 0.94 per cent at Rs 3992.87 crore for the quarter ended March 31, 2021 as against Rs 3955.86 crore in the corresponding period last year. During the January-March quarter, total income rose moderately by 8.88 per cent to Rs 4,834.01 crore from Rs 4,439.63 crore in the year ago period. Meanwhile, operating expenses increased by 6.84 per cent to Rs 4,188.17 crore from Rs 3,919.86 crore in the same period last year. Operating profit surged 24.26 per cent to Rs 645.85 crore from Rs. 519.77 crore.
Provisions and Contingencies surged by 46.16 per cent at Rs 602.73 crore from Rs 412.38 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 25.38 per cent at Rs 1,960.27 crore versus Rs 1,563.50 crore in the year ago period. Non-interest income rose 73.87 per cent year-on-year to Rs 841.14 crore. On the asset side, gross non- performing assets (NPAs)ĸfellĸto 0.04 per cent of the gross advances as at the end of March 31, 2021 from a level of 2.60 per cent year earlier. Its net NPAs or bad loans tooĸdeclinedĸto 0.02 per cent of net advances on March 31, 2021 from 0.94 per cent a year ago.
