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Infrastructure finance company IDFC Ltd posted a 47% rise in net profit at Rs 557 crore in the first quarter ended June 2013 mainly on growth in non-interest income and dip in provisions.
It had posted a net profit of Rs 380 crore in April-June 2012, IDFC said in statement.
IDFC stock was down 4.6% to Rs 110.3 at close on Bombay Stock Exchange today.
The Net Interest Income (NII) increased by 11% from Rs 620 crore in Q1FY13 to Rs 686 crore in Q1FY14. NII from loans was up by 14% to Rs 631 crore from Rs 555 crore in Q1FY13. The net interest margins remained stable at 4.1% for 12 months ended June 2013.
The Non Interest Income rose by 127% to Rs 331 crore from Rs 146 crore in Q1FY13.
Dwelling on the various heads of non interest streams, principal gains stood at Rs 63 crore in Q1FY14 from Rs 2 crore in Q1FY13. The income from Fixed Income Treasury jumped 1,030% to Rs 139 crore from Rs 12 crore.
The loan related and other fees decreased by 61% from Rs 59 crore in Q1FY13 to Rs 23 crore.
The balance sheet grew by 10% in 12 months to 71,655 crore at end of June 2013.
The Gross Loan book was up 13% from ' Rs 50,892 crore to Rs 57,600 crore.
Reflecting the slowdown in infrastructure sector, the gross approvals fell by 78% from Rs 12,809 crore to Rs 2,833 crore. The disbursements also shrunk by 28% to Rs 3,211 crore from Rs 4,487 crore in Q1FY13.
The provisions declined by 43% to Rs 59 crore down from Rs 103 crore.
Gross NPLs stood at 0.32% and Net NPLs at 0.20% of outstanding loans. The Capital Adequacy at 23.0% (of which Tier I at 20.7%)
