IDFC First Bank Q4 Results: Profit climbs 78% to Rs 128 crore

NEW DELHI: Saturday reported a 78 percent rise in net profit to Rs 128 crore for the fourth quarter ended March 2021. The private sector lender reported profit of Rs 72 crore in the corresponding quarter from January to March one year ago.

Total income in the fourth quarter rose to Rs 4,834 crore from Rs 4,576 crore in the same period of fiscal 20, IDFC First Bank said in a regulatory filing.

On the asset front, gross non-performing assets (NPA) or bad debt as a percentage of gross loans as of March 31, 2021, rose to 4.15% from 2.60% the previous year at the same period.

At the same time, net NPAs also rose to 1.86% from 0.94% in March 2020.

As a result, the provision (other than tax) and contingencies have increased to Rs 603 crore from Rs 412 crore in the same quarter a year ago.

In the fourth quarter of fiscal 21, the bank released Rs 324 crore from provisions made for a telecommunications account based on the market value of the instruments and took additional provisions of Rs 375 crore for COVID-19 which is carried over to the next financial year for the unprecedented. situation resulting from the second wave of COVID-19 in India, he said.

For the full year 2020-2021, the bank recorded a profit of Rs 452 crore against a loss of Rs 2,864 crore in the previous fiscal year.

Total income during the year rose to Rs 18,221.5 crore from Rs 18,029.7 crore the previous year.

“Including the Rs 3000 crore equity raised through QIP on April 6, 2021, our overall capital adequacy is strong at 16.32 percent. We maintain high levels of liquidity with a liquidity coverage ratio of 153 percent “, IDFC First Bank MD V Says Vaidyanathan.

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