Infrastructure Development Finance Company (IDFC) has posted a 23.99 per cent decline in consolidated net profit at Rs 116.23 crore for the quarter ended March 31, 2009 as compared with Rs 152.92 crore for the quarter ended March 31, 2008.
Over the same period, the non-banking finance company’s total income increased 23 per cent to Rs 954.53 crore from Rs 733.36 crore earlier. Net non-performing assets (NPAs) were 0.21 per cent of outstanding loans as on March 31, 2009.
For the full financial year ended March 31, 2009, net profit grew marginally to Rs 749.83 crore from Rs 742.14 crore in the previous year. Total income for the fiscal year increased to Rs 3,636.8 crore on the back of a 33 per cent rise in net interest income, from Rs 2,806.5 crore in the previous year.
Net interest income from infrastructure loans, the NBFC’s core business, increased by 34 per cent to Rs 758 crore in the year ended March 31, 2009 from Rs 565 crore in the previous year.
However, non-interest income decreased over the same period from Rs 618 crore to Rs 613 crore. The NBFC’s balance sheet grew 7 per cent in FY09 to Rs 29,809 crore. Its loan book grew 3 per cent to Rs 21,366 crore for the year ended March 31, 2009 as against Rs 20,743 crore for the previous year.
IDFC’s capital adequacy ratio stood at 23.75 per cent with Tier I capital comprising 20.04 per cent of total risk-weighted assets.
Earnings per share decreased from Rs 5.93 per share to Rs 5.78 per share, with a dividend of Rs 1.2 per share being recommended by the board.
IDFC also announced the closures of the $1-billion India Infrastructure Fund and the $700-million IDFC Private Equity Fund III.