IDFC, an infrastructure lender, posted a 9% drop in net profit at Rs 380 crore on a consolidated basis on account of drop in non interest income. Company’s non interest income dropped by 51% to Rs 137 crore.
Company’s net interest income (NII) rose by 32% to Rs 629 crore. The company was able to maintain its net interest margins (NIM) at 4.4% unchanged sequentially.
In the six months ended September company net profit was at Rs 855 crore a marginal rise of 2% year on year.
In the first half company’s NII was at Rs 1,285 crore which rose by 31%.
Gross and net NPA levels 0.28% and 0.13% down marginally sequentially.
Provisioning for the bad debts were also down both sequentially and year on year at Rs 30 crore. Company had provided Rs 103 crore last quarter towards NPA provisioning.
Its loan book increased 36% year on year to Rs 54,137 crore at the end of second quarter.
Company posted a healthy capital adequacy ratio (CAR) of 21.5% with tier 1 capital of 19.5%.
