Private player IDFC Bank today reported over 76 per cent plunge in standalone net profit to Rs 41.93 crore for the March quarter on rise in bad loans and higher provisioning.
The bank had registered a net profit of Rs 175.95 crore in the January-March quarter of the previous fiscal, 2016-17.
Its total income was however higher during the fourth quarter of 2017-18 at Rs 2,374.35 crore as against Rs 2,279.65 crore in the year-ago period, the bank said in a regulatory filing.
For the entire 2017-18, net profit were down at Rs 859.30 crore from Rs 1,019.74 crore in 2016-17.
The total income for the last financial year was also higher at Rs 10,047.90 crore, as against Rs 9,545.83 crore in the previous fiscal.
The bank's provisioning for bad loans and contingencies was raised to Rs 242.46 crore in January-March quarter of 2017-18, as against Rs 4.80 crore parked aside in the year-ago period.
For the full year, the provisioning were however down at Rs 236.09 crore from Rs 282.50 crore in 2016-17.
On the asset front, the gross bad loans or non-performing assets (NPAs) increased to 3.31 per cent (or Rs 1,779.06 crore) of the gross loans as on March 31, 2018, up from 2.99 per cent (Rs 1,542.10 crore) by end of March 2017.
Net NPAs, as a percentage of net loans by end of fiscal were 1.69 per cent (Rs 891.16 crore), in comparison to 1.14 per cent (Rs 576.47 crore).
On consolidated basis, net profit during the entire fiscal fell to Rs 879.91 crore in 2017-18 from Rs 1018.68 crore in 2016-17.
Consolidated full year income stood at Rs 10,218.34 crore from Rs 9,597.37 crore.
On the NPAs divergence, the bank has shown a difference of Rs 270.70 crore in its gross NPAs for the year 2016-17.
While the bank had reported gross NPAs of Rs 1,542.10 crore during the year, the Reserver Bank had assessed it at Rs 1,812.80 crore.
Net NPA divergence was Rs 203.02 crore, with the bank reporting it at Rs 576.47 crore and the RBI assessing it at Rs 779.49 crore.
The board of directors has proposed a dividend of Rs 0.75 per share (7.50 per cent)for the year ended March 31, 2018, subject to the approval of the shareholders.
IDFC Bank said it has sold partial stake in Feedback Infra Pvt Ltd, as associate company, bringing down its holding from 24.61 per cent earlier to 17.77 per cent and thus the company is no longer its associate with effect from March 19, 2018.
The bank's stock closed 1.24 per cent down at Rs 47.80 on BSE.
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