IDFC Bank today posted a net profit growth of 7
percent at Rs 176 crore for the fourth quarter ended March.The
corresponding figure in the previous fiscal read Rs 165.10 crore. Income during
the quarter grew by a marginal 1 percent to Rs 558.40 crore, as against Rs
554.50 crore.
For the whole of
2016-17, profit came in at Rs 1,020 crore, marking completion of its first full
year of operations.Operating income
stood at Rs 3,030.40 crore for the fiscal ended March 2017, it said in a
release.The bank had
started off in October 2015. So, the year-on-year comparable figure has been
annualised.
"The
financial year 2016-17 marks the first full year of operations... We ended the
year with an outstanding funded and non-funded credit growth of 58
percent," IDFC Bank said."As on
March 31, 2017, one-fourth of the IDFC Bank's funded credit was retailised.
Also, the bank's infrastructure concentration was down to 54 percent. Its
client-based fees contributed 12 percent to its operating income," it
said.
On asset
quality, gross non-performing loans (NPLs) or bad loans and net NPLs at the end
of March 2017 were Rs 1,542 crore and Rs 576 crore, respectively. Gross NPLs as
a percentage of gross advances stood at 3 percent and net bad loans as a
percentage of net advances 1.1 percent.
The bank widened
its customer base geographically through acquisition of its fully-owned
microfinance company Grama Vidiyal during the year. At the end of 2016-17, it
had a customer base of 14 lakh after having on-boarded close to a million
customers from Grama Vidiyal.
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