On Saturday nearly 50% jump in IDFC First Bank its standalone net profit at Rs 151.74 crore in the quarter ended September 2021. The bank had posted a net profit of Rs 101.41 crore in the same quarter a year ago.
Consecutively, there was a net loss of Rs 630 crore in the quarter ended June 2021.
Total income increased to Rs 4,880.26 crore during July-September of FY22 as compared to Rs 4,090.86 crore in the same quarter of FY21.
The interest income stood at Rs 4,100.57 crore, up from Rs 3,924.85 crore
The bank’s provision for bad loans and eventuality was substantially increased at Rs 474.94 crore for the September 2021 quarter as bad loans increased.
The bank had parked aside Rs 213.39 crore towards the same in the year-ago.
There was impairment on the asset quality with the gross non-performing assets (NPAs or bad loans) spiking to 4.27 per cent of the gross advances by end of Q2 FY22, as against 1.62 per cent by the end of the same period in FY’21. Value-wise, it stood at Rs 4,485.53 crore, as against Rs 1,486.11 crore.
Net NPAs too rose to 2.09 per cent (Rs 2,150.34 crore) from 0.43 per cent (Rs 390.95 crore).
However, the bank said that net NPAs and gross for the September 30, 2020 quarter are not comparable as an interim order of the Supreme Court had directed banks that accounts which were not declared as NPA by August 31, 2020 They will not be declared as NPA.
The order relates to pandemic-induced stress to customers last year.
On consolidated basis, the bank posted a net profit of Rs 110.94 crore, slightly up from Rs 109.02 crore. Total income rose to Rs 4,830.12 crore from Rs 4,090.89 crore.