IDFC Bank reports 58 percent plunge in net profit to Rs 181.55 crore in Q1
IDFC Bank's total income dropped to Rs 2,519.87 crore in the April-June quarter of 2018-19 from Rs 2,793.98 crore in the year-ago period.
Private lender IDFC Bank today reported more than 58 percent plunge in net profit to Rs 181.55 crore for the first quarter of 2018-19 fiscal compared to Rs 437.59 crore in the same quarter of last year.
The lender improved on its bad assets with gross non-performing assets falling to 3.24 percent of gross advances by end-June 2018 from 4.13 percent by end-June 2017.
Net NPAs were also down to 1.63 percent from 1.70 percent.
The bank set aside Rs 34 crore as provisioning and contingencies for the first quarter of 2018-19 against a deferred provision of (-)Rs 14.60 crore in April-June period of 2017-18.
Shares of the bank closed 4.96 percent higher at Rs 41.25 on BSE.
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