IDFC First Bank reports 49.6% rise in net profits for Q2FY22

On a consolidated basis, IDFC First Bank posted a net profit of Rs 110.95 crore, slightly up from Rs 109.03 crore.

IDFC First Bank announced on Saturday, October 30 its performance metrics for the second quarter of FY22 ending September 30. The lender reported a rise of 49.6 percent in its standalone net profits at Rs 151.7 crore for the July-September quarter. The bank had posted a profit of Rs 101.4 crore in the corresponding quarter last year. 

In a regulatory filing, the bank also disclosed that its Net Interest Income (NII) saw an increase of 27.4 percent, standing at Rs 2,722 crore Year-on-Year. Meanwhile, its total income during the quarter under review rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21. 

The gross non-performing assets (GNPAs) of the lender improved marginally, decreasing to 4.27 percent as compared with 4.61 percent during the April-June quarter this year. Likewise, net non-performing assets decreased to2.09 percent compared to 2.32 percent in the previous quarter. 

However, the bank clarified that the gross and net NPAs it reported for the quarter under review are not liable to comparison due to an interim order by the Supreme Court that had directed banks to not declare accounts NPA that were not categorised as such before August 31, 2020.

IDFC First Bank also posted a growth of 9.75 percent in advances at Rs 1,17,243 for the quarter ending September 30. Gross Funded Assets were reported to be Rs 1,06,828 crore in the corresponding quarter last year. Moreover, the lender’s deposits surged 20.8 percent YoY to Rs 83,793 crore in Q2FY22 from Rs 69,368 crore it reported in the same period last year.

On a consolidated basis, IDFC First Bank posted a net profit of Rs 110.95 crore, slightly up from Rs 109.03 crore. Total consolidated income rose to Rs 4,830.14 crore from Rs 4,090.91 crore. 

 

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