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IDFC First Bank Q2 results: Net profit rises 50% to ₹151 cr, NII up 27% – Mint

IDFC First Bank on Saturday reported a growth of 49.6% in its standalone net profit to 151.7 crore year-on-year for the quarter ended 30 September, 2021. The lender had posted a net profit of 101.4 crore in the year-ago period. 

The bank’s net interest income (NII) grew by 27.4% at 2,722 crore year-on-year during the September quarter, it said in a regulatory filing. 

The gross non-performing assets (GNPAs) marginally improved and stood 4.27 per cent in Q2FY22 as against 4.61 per cent in Q1FY22. Similarly, net NPAs was at 2.09% per cent compared to 2.32% per cent quarter-on-quarter.

However, the bank said that gross and net NPAs for the quarter ended September 30, 2020 are not comparable as an interim Supreme Court order had directed banks that accounts which were not declared as NPA till August 31, 2020, shall not be declared as NPA.

The order relates to the pandemic driven stress to customers last year.

IDFC First Bank posted 9.75% growth in advances at 1,17,243 crore in the said quarter. Gross Funded Assets stood at 1,06,828 crore at the end of the second quarter of 2020-21.

Further, the bank’s deposits also rose 20.8% year-on-year to 83,793 crore in the quarter under review from 69,368 crore in the same period a year ago, it said. The bank’s low-cost deposits — current account and saving deposits (CASA) — stood at 51.9 per cent of the total liabilities during the quarter.

Total income during July-September of FY22 rose to 4,880.29 crore, as against 4,090.87 crore in the same quarter of FY21, it said in a regulatory filing.

The interest income stood at 4,100.58 crore, up from 3,924.86 crore.

On consolidated basis, the bank posted a net profit of 110.95 crore, slightly up from 109.03 crore. Total income rose to 4,830.14 crore from 4,090.91 crore

IDFC First Bank scrip on BSE closed 0.10% higher on Friday at 49.55.

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