IDFC First Bank Q2 results: IDFC First Bank Q2 results: Net profit up nearly 50% to Rs 152 cr
Sequentially, there was a net loss of Rs 630 crore in the quarter ended June 2021.
Total income from July to September of FY22 was Rs 4,880.29 crore, compared to Rs 4,090.87 crore in the same quarter of FY21, he said in a statement. regulatory dossier.
Interest income was Rs 4,100.58 crore compared to Rs 3,924.86 crore.
The Bank’s provision for bad debts and contingencies was increased significantly for the September 2021 quarter to Rs 474.95 crore as bad debts increased.
The bank had parked aside Rs 213.40 crore towards the same during the period of last year.
There was a depreciation in asset quality, with gross non-performing assets (NPA or bad debt) reaching 4.27% of gross advances at the end of the second quarter of FY22, compared to 1.62% at the end of the year. end of the same period of the financial year ”. 21. In terms of value, it stood at Rs 4,485.53 crore, compared to Rs 1,486.11 crore.
Net NPA also rose to 2.09% (Rs 2,150.34 crore) from 0.43% (Rs 390.95 crore).
However, the bank said the gross and net APNs for the quarter ended September 30, 2020 are not comparable because an interim Supreme Court order ordered banks to only account for accounts that had not been reported as APNs until. ‘as of August 31, 2020, should not be declared as postcode. .
The order is linked to the stress caused by the pandemic to customers last year.
On a consolidated basis, the bank posted a net profit of Rs 110.95 crore, up slightly from Rs 109.03 crore. Total income rose to Rs 4,830.14 crore from Rs 4,090.91 crore.