IDFC Bank Q3 net profit at Rs 242 cr

In its first quarterly numbers, IDFC Bank posted Rs 242.16 crore profit for the three months ended December 31, 2015.

IDFC Bank started operations in October last year, making this the first ever declared result of the bank. It was carved out of infrastructure lending firm IDFC Ltd after getting the banking licence from RBI.

Total income of the lender stood at Rs 2,007.02 crore during the quarter, IDFC Bank said in regulatory filing.

During the third quarter of the current fiscal, the gross non-performing Assets (NPAs) of the bank was 3.09% while the net NPAs was 0.96% at the end of quarter. The NPAs are on accounts of the demerger following which net assets of RS 6,234.56 crore were transferred from IDFC Ltd to the newly carved out bank on October 1.

In absolute terms, Gross NPA was Rs 1,462.25 crore while net NPA was Rs 453.41 crore.

IDFC, along with micro-lender Bandhan Financial Services, was selected for a banking licence from the Reserve Bank of India in 2014.

IDFC Bank went live with a "soft launch" at 23 locations, including 15 branches in rural Madhya Pradesh on October 1, 2015 becoming the 91st scheduled commercial bank in the country.

Bandhan started operations in August, 2015 with a network of over 500 branches.