IDFC First Bank reports Q4 net profit of ₹71.5 crore
IDFC First Bank reported a standalone net profit of ₹71.54 crore for the fourth quarter of FY20 against a net loss of ₹218.03 crore a year ago.
In FY20, it reported a net loss of ₹2,864.21 crore against a net loss of ₹ 1,944.17 crore in FY19. The private sector bank’s total income grew 13.7 per cent to ₹4,439.63 crore in the fourth quarter of the fiscal against ₹3,902.10 crore a year ago.
The bank’s net interest income grew 40 per cent to ₹ 1,563 crore in the quarter ended March 31, 2020, from ₹1,113 crore a year ago. Net interest margin rose to 4.24 per cent in the fourth quarter of last fiscal from 3.03 per cent in the corresponding period in FY19.
Total provisions for the fourth quarter stood at ₹412.38 crore for the fourth quarter of FY20 against ₹655.31 crore a year ago. Covid-related provisions amounted to ₹ 225 crore.
“The provision for the fourth quarter was at ₹ 679 crore, which included ₹225 crore of Covid-19-related provision,” it said in a statement.
Gross non-performing assets stood at 2.6 per cent of gross advances as on March 31, 2020, versus 2.43 per cent a year ago. Net NPAs were at 0.94 per cent as on March 31, 2020, compared to 1.27 per cent a year ago.
V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said: “We are happy to inform that deposits for our bank are coming thick and strong. In the fourth quarter, we saw strong inflows into our bank as retail deposits increased by ₹4,658 crore, despite the turmoil in the markets.”