IDFC Bank Q2 net slides 40% to Rs 234cr,asset quality improves
Private lender IDFC Bank has reported a 39.74 per cent decline in net profit at Rs 233.66 crore for the second quarter to September because of lower income and higher expenses.
Net profit in the year-earlier quarter stood at Rs 387.76 crore.
Total income came down by 5.13 per cent to Rs 2,365.06 crore for the reported quarter as against Rs 2,493.04 crore in the year-ago period, IDFC Bank said in a BSE filing.
Its total expenditure went up 10.96 per cent to Rs 2,120.27 crore, from Rs 1,910.72 crore in the second quarter of 2016-17.
Its asset quality turned for the better as gross non- performing assets (NPAs) to total advances fell to 3.92 per cent as on September 30, from 5.96 per cent a year ago.
Net NPAs, or bad loans, were 1.61 per cent of net advances in the September quarter as against 2.44 per cent in the second quarter of 2016-17.
The stock closed 0.88 per cent higher at Rs 57.55 on the BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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