IDFC First Bank net profit up nearly 50% at Rs 152 cr in September quarter

IDFC First Bank on Saturday reported a nearly 50 per cent jump in 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.

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Sequentially, there was a net loss of Rs 630 crore in the quarter ended June 2021.

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

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

Bank's provisioning for bad loans and contingencies were raised substantially for the September 2021 quarter at Rs 474.95 crore as bad loans moved up.

The bank had parked aside Rs 213.40 crore towards the same in the year-ago period.

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 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.

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