IDFC Bank rose 1.41% to Rs 79.35 at 11:06 IST on BSE after net profit galloped 550.27% to Rs 387.76 crore on 2615.82% growth in total income to Rs 2493.13 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 25 October 2016.Meanwhile, the BSE Sensex was down 220.12 points, or 0.78%, to 27,871.30.
On BSE, so far 10.53 lakh shares were traded in the counter, compared with average daily volume of 15.44 lakh shares in the past one quarter. The stock hit a high of Rs 81.20 and a low of Rs 78.80 so far during the day. The stock hit a record high of Rs 83.45 on 28 September 2016. The stock hit a record low of Rs 43.15 on 21 January 2016. The stock had outperformed the market over the past 30 days till 25 October 2016, rising 6.90% compared with 0.72% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 52.68% as against Sensex's 0.24% rise.
The large-cap private sector bank has equity capital of Rs 3395.07 crore. Face value per share is Rs 2.
IDFC Bank commenced its banking operations on 1 October 2015. Accordingly, the results for Q2 September 2016 are not comparable with corresponding previous quarter.
The bank's gross non-performing assets (NPAs) stood at Rs 3219.68 crore as on 30 September 2016 as against Rs 3029.87 crore as on 30 June 2016.
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The ratio of gross NPAs to gross advances stood at 5.96% as on 30 September 2016 as against 6.09% as on 30 June 2016.
The ratio of net NPAs to net advances stood at 2.44% as on 30 September 2016 as against 2.32% as on 30 June 2016.
IDFC Bank is a subsidiary of IDFC. The Reserve Bank of India (RBI) granted a universal banking license to IDFC on 23 July 2015. IDFC demerged on 1 October 2015, transferring all assets and liabilities of its lending business to IDFC Bank. IDFC Financial Holding Company holds 52.95% stake in the bank as per the shareholding pattern as at 15 October 2016. Shares of IDFC Bank listed on the stock exchanges on 6 November 2015.
IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country's infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and microenterprises, entrepreneurs, financial institutions and the government.
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