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IDFC First Bank reported a standalone net profit of Rs 129.61 crore in the third quarter of the fiscal, as against a net loss of Rs 1,638.89 crore a year ago.
For the quarter ended December 31, net interest income grew by 14 per cent to Rs 1,744 crore, up from Rs 1,534 crore in the third quarter last fiscal.
“The NII for the quarter takes into account provision for interest reversal on proforma NPA cases at December 31, 2020,” IDFC First Bank said in a statement on Saturday.
Net interest margin rose to 4.65 per cent in the third quarter this fiscal versus 3.86 per cent a year ago and 4.57 per cent in the second quarter this fiscal.
Provisions however, shot up to Rs 482.22 crore in the October to December quarter from Rs 230.47 crore a year ago.
The gross non performing assets of the bank reduced to 1.33 per cent as of December 31, as compared to 2.83 per cent a year ago. The net NPA was 0.33 per cent as of December 31, as compared to 1.23 per cent as of December 2019.
The pro forma gross NPA as on December 31, 2020 was 4.18 per cent and the net NPA as on December 31, 2020 was 2.04 per cent.
The total restructured (approved and implemented) book including retail and wholesale loans stood at 0.80 per cent of the total funded assets.
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