Comments
IFCI expects its bottomline for the current fiscal to comfortably surpass the level recorded in 2014-15, its Managing Director and CEO, Malay Mukherjee, said.
For 2014-15, the government company reported a net profit of ₹522 crore, a 3 per cent increase over the ₹508 crore recorded last fiscal.
In the fourth quarter of 2014-15, IFCI recorded a net profit of ₹120 crore, down 29.41 per cent over the ₹170 crore logged in the same quarter last fiscal.
Total income for the quarter ended March 2015 grew 6.86 per cent to ₹888 crore (₹831 crore). For the year-ended March 2015, total income grew 13.48 per cent to ₹3,348 crore (₹2,953 crore).
The board of directors have declared a dividend of ₹1.50 an equity share of ₹10 each (including interim dividend of ₹1 a share).
“Our financial performance was impacted by the additional ₹1,200 crore of restructured assets that we booked in the fourth quarter.
“This happened in respect of eight cases and was a one-off development. It will not happen in the current fiscal, as this RBI window is not available from April 1,” Mukherjee said.
Like many public sector banks, IFCI took advantage of the regulatory forbearance from the RBI and restructured several assets.
Treating stressed assets as restructured book provided some comfort on the asset quality with reduced provisioning obligations as against those assets that are treated as non-performing ones.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.