IDFC Bank First Quarter Net Profit at Rs 438 Crore

MUMBAI/CHENNAI:
The Board of Directors of IDFC Bank approved the financial results for the quarter ended June 30, 2017 with net profit at Rs 438 crore, up 149% as compared to Q4 FY17 and 65% as compared to Q1 FY17.
The Bank’s total customer base crossed 1.6 million and network expanded to ~12,000 Points-of-Presence, covering 25 states, 321 districts, 655 cities/towns and 42,000 villages. More than one-fourth of funded credit was retailised, which stood at 26.1%. Outstanding funded & non-funded credit grew 44%; funded outstanding credit was up 24% y-o-y.
Performance at a glance:
§ Net profit up 65% as compared to corresponding quarter of last year
§ Operating Income grew 46%; Net Interest Income (NII) declined 15%
§ Funded Credit (Net Advances + Credit Inv.) up by 24% to Rs 62,675 crore as of June 30, 2017, from ` 50,749 crore as of June 30, 2016
§ Total Credit (Funded + Non Funded) up by 44% to Rs 83,157 crore as of June 30, 2017, from Rs 57,809 crore as of June 30, 2016
§ Deposits were Rs 41,959 crore as of June 30, 2017 vs. Rs 13,029 crore as of June 30, 2016
Q1 FY18 v/s Q4 FY17
§ Net profit for the quarter stood at Rs 438 Cr, up 149% as compared to the last quarter
§ Operating Income grew by 86%, to Rs 1,037 crore; Net Interest Income (NII) was at Rs 437 crore, lower by 15%; Non-Interest Income was Rs 599 crore
§ Direct retail assets grew 32.4% to Rs 3,440 crores in Q1FY18
§ Total Credit (Funded + Non-Funded) was Rs 83,157 Cr as of June 30, 2017, from Rs 85,172 crore as of March 31, 2017
§ Deposits were Rs 41,959 crore as of June 30, 2017 vs. Rs 40,208 crore as of March 31, 2017, up 4%
IDFC Bank’s active customer base touched 1.6 million, and was serviced through a network of ~ 12,000 Points-of-Presence (PoPs), including 86 branches, 358 business correspondent branches, 11,429 payment points. The Bank’s network during the quarter expanded to 25 states, 321 districts, 655 cities/towns and ~42,000 villages.
Shareholders’ Funds and Capital Adequacy
The Shareholders’ funds of the Bank stood at ` 15,125 crore as on June 30 2017. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 18.6% as at the end of the quarter. Tier-1 Capital adequacy ratio stood at 18.3%.
Asset Quality
The Gross NPL and Net NPL of the Bank as at the end of the Quarter were ` 2,004 crore and ` 804 crore respectively. Gross NPL as a percentage of Gross Advances was 4.1% and Net NPL as a percentage of Net Advances was 1.7%. There was no incremental impact on provisioning for the quarter.