IDFC Bank’s net profit rose 60 per cent from the previous quarter to ₹265 crore (₹165 crore). The bank came into existence in October last year.
Operating income for the same period grew 28 per cent at ₹712 crore. Total assets of the bank (balance sheet size) grew 22 per cent to over ₹1.01-lakh crore.
Total credit grew 7 per cent to ₹57,470 crore as on June 30, while deposits grew 59 per cent to ₹13,029 crore. Of this, current account, and savings account (CASA) deposits came in at ₹869 crore and term deposits, at ₹12,160 crore.
Net interest margin went up 30 basis points (bps) to 2.4 per cent.
Bad loans (gross NPAs as a percentage of gross advances) went down 10 bps to 6.1 per cent; net NPAs too, declined 10 bps to 2.3 per cent.
Capital Adequacy Ratio of the bank according to Basel-III norms slipped 160 bps to 20.4 per cent.
At the end of the first quarter, IDFC Bank had a network of 65 branches, 14 ATMs and 330 micro-ATMs.