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IDFC First Bank Q4 Results: Profit jumps 78% to Rs 128 crore



IDFC First Bank Q4 Results: Profit jumps 78% to Rs 128 crore

NEW DELHI: on Saturday reported a 78 per cent jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The private sector lender had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago.

Total income during the fourth quarter rose to Rs 4,834 crore as against Rs 4,576 crore during the same period of FY20, IDFC First Bank said in a regulatory filing.

On the asset front, the gross non-performing assets (NPAs) or bad loans as a percentage of gross loans as on March 31, 2021, increased to 4.15 per cent from 2.60 per cent by year ago same period.

At the same time, net NPAs too rose to 1.86 per cent as against 0.94 per cent in March 2020.

As a result provision (other than tax) and contingencies rose to Rs 603 crore as compared to Rs 412 crore in the same quarter a year ago.

In Q4 FY21, the bank released Rs 324 crores from provisions made for one telecom account based on mark to market value of the instruments and made additional provisions of Rs 375 crore for COVID-19 which is carried forward to the next financial year for the unprecedented situation arising due to COVID-19 second wave in India, it said.

For the full year 2020-21, the bank posted a profit of Rs 452 crore as against loss of Rs 2,864 crore in the previous fiscal.

Total income during the year rose to Rs 18,221.5 crore from Rs 18,029.7 crore in the previous year.

“Including the equity capital of Rs 3000 crore raised through QIP on April 6, 2021, our overall capital adequacy is strong at 16.32 per cent. We maintain high levels of liquidity with liquidity coverage ratio of 153 per cent,” IDFC First Bank MD V Vaidyanathan said.

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